Global Market Today: Asian stocks drop after chip selloff, oil gains

Asian stocks declined following a chip selloff in US markets, with Nasdaq 100 futures dropping 0.5% after the gauge lost 1.6% on Thursday. Brent crude traded just under $85 per barrel amid escalating Middle East tensions and disruption to shipping in the Strait of Hormuz. Fed officials, including Dallas President Lorie Logan and Kansas City President Jeff Schmid, warned that inflation remains the biggest concern, supporting chances of further rate hikes.