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 5-7% amid escalating Middle East tensions and surging oil prices above $100 per barrel. The conflict, involving Iran, the US, and Israel, has disrupted oil supplies through the Strait of Hormuz, pushing crude prices to multi-year highs. Investors fear prolonged energy cost increases could fuel inflation and slow global economic growth. Bond markets also declined as inflation concerns rose, while some leaders called for calm amid geopolitical uncertainty.