Asian stocks fell broadly on Wednesday, with South Korea's KOSPI dropping over 3% and Japan's Nikkei 225 down 2.6%. Brent crude futures rose 1.3% to $95.91 a barrel, reaching a five-week high, after the United States launched a barrage of airstrikes on Iran on Tuesday. The US 10-year Treasury bond yield hit 4.8122%, its highest in almost three years, while Japan's 5-year government bond yield reached a record 2.295%. Westpac analysts attribute the selloff to renewed anxiety over inflation and potential disruptions to the Strait of Hormuz.