SINGAPORE: Asian stocks and oil prices fell on Tuesday after the U.S. waived sanctions on Iran, while traders grappled with rising expectations the Federal Reserve may take more aggressive action to tackle inflation later this year.

MSCI's broadest index of Asia-Pacific shares outside Japan sank 2.9%, while S&P 500 e-mini futures slipped 0.9%. Brent crude slid 1.22% to $76.95 per barrel.