Global Market Today: Asian stocks slip, oil up on peace doubts

Global markets turned risk-off as Asian shares slipped 0.4% and US futures declined, with the S&P 500 down 0.5% and Nasdaq down 0.7%, driven by fresh geopolitical tensions after Iran again closed the Strait of Hormuz, pushing Brent crude up 1.1% to around $81 per barrel. The Federal Reserve's hawkish turn last week lifted 2-year Treasury yields to 4.23%, with markets now pricing a 75% chance of a rate hike as early as September. Political uncertainty in the UK, where Prime Minister Starmer faces leadership pressure, weighed on sterling while the dollar held firm against the yen near 161.44.