Asian Stocks Drop, Oil Climbs on Iran Tensions: Markets Wrap

Asian stocks pulled back from a record high and crude oil rose as escalating tensions in the Middle East revived concerns over energy supplies, testing the durability of the recent equity rally.

The MSCI Asia Pacific Index fell 1.2% as clashes between the US and Iran heightened tensions in the Middle East, fueling speculation that higher energy costs would weigh on economic growth. More than two shares fell for every one that rose. Even so, the gauge is set for a fifth week of gains, the longest winning streak since January.