US futures gain and Asian shares slip as oil prices fall back

Key Points:

• Asian stocks declined following Wall Street losses, with Hong Kong's Hang Seng dropping 1.3% and Australia's S&P/ASX 200 falling 0.4% after the Reserve Bank of Australia raised interest rates to 4.35% due to rising inflation linked to Middle East tensions.
• Oil prices fell after earlier gains amid escalating U.S.-Iran conflict, with Brent crude down to $113.31 per barrel and U.S. crude slipping to $104.38, despite ongoing disruptions in the Strait of Hormuz and the implementation of the U.S. "Project Freedom" plan.
• The fragile ceasefire between the U.S. and Iran showed signs of breaking down as the U.S. military sank six Iranian boats targeting civilian ships, and tensions rose following attacks on the UAE, a U.S. ally.
• Wall Street closed lower, with the S&P 500 down 0.4%, the Dow Jones Industrial Average falling 1.1%, and the Nasdaq dropping 0.2%; GameStop shares plunged 10.1% after announcing plans to acquire eBay.
• Currency markets saw the U.S. dollar strengthen slightly against the Japanese yen, while the euro weakened against the dollar.