Asian Markets Fall Sharply as Oil Prices Surge Amid Middle East Conflict

Asian stock markets, including Japan's Nikkei 225 and South Korea's Kospi, plunged over 6% amid escalating Middle East tensions and surging oil prices above $100 per barrel. The conflict, involving Iran and US-Israeli forces, has disrupted oil supply routes like the Strait of Hormuz, prompting production cuts by regional producers. Rising energy costs have heightened inflation and economic slowdown concerns globally. Iran named Mojtaba Khamenei as its new supreme leader, signaling continued hardline control and prolonging geopolitical uncertainty.