Asian stock markets saw declines on Tuesday, mirroring losses on Wall Street as US equities retreated from recent record highs. Oil prices, after an earlier surge, fell back amid escalating tensions in the ongoing conflict between the US and Iran . The fragile ceasefire between the US and Iran faced significant challenges on Monday. The US military reported sinking six Iranian small boats , which it claimed were targeting civilian vessels. Concurrently, two US-flagged ships successfully navigated the Strait of Hormuz , a crucial waterway for oil and gas transport that remains largely closed despite repeated US demands for its reopening. The United States has also imposed a sea blockade on Iranian ports , and US President Donald Trump ’s " Project Freedom" plan, designed to guide stranded ships through the Strait of Hormuz, commenced on Monday.…