Asian stocks fall over 2% as US-Iran tensions escalate in Hormuz; oil prices record jump

Asian markets fell sharply on Tuesday, while oil prices climbed to a one-month high, after US President Donald Trump announced that Washington was reinstating its blockade of Iranian shipping in the Gulf and would impose a 20% fee on cargo passing through the Strait of Hormuz.Following a volatile start to trading, MSCI's broadest index of Asia-Pacific shares outside Japan dropped 1.7%. The losses were led by Taiwanese and South Korean stocks, which at one point fell by more than 3% and 5%, respectively. Japan's Nikkei 225 declined 0.8%, while S&P 500 e-mini futures eased 0.3%.Chinese markets outperformed the regional benchmark despite remaining in negative territory, as cited by Reuters. The CSI 300 index slipped 0.4% after data released on Tuesday showed that China's exports and imports i