Asian equities rebound falters as Middle East tensions escalate. Global markets retreated as Brent crude climbed to $84 per barrel following Iran's escalation threats against US strikes. S&P 500 futures and Europe's Stoxx 600 each fell 0.4%, while Asian benchmark indices trimmed earlier gains of up to 3.8%. The dollar strengthened 0.4% against all major currencies. Treasury yields continued their upward trajectory, with the 10-year rising three basis points to 4.12% for a fourth consecutive day. Energy market stress intensified as China seeks fuel conservation and Japanese refiners call for strategic petroleum reserve releases. Strategists warn that sustained disruptions through the Strait of Hormuz could trigger elevated oil prices and significant economic impact.