Oil prices surged more than four per cent after renewed military exchanges between the United States and Iran heightened concerns over the security of the Strait of Hormuz, a key global oil shipping route.
The renewed hostilities followed fresh US strikes and reports of attacks on commercial vessels, raising fears of possible supply disruptions and renewed inflationary pressures.
The spike in crude prices weighed on global markets, with technology stocks leading losses across several Asian exchanges as investors reacted to growing geopolitical uncertainty.
Market analysts said the latest escalation has revived concerns about the stability of global energy supplies, although ample oil production and weak demand could limit further price increases.
Investors are also monitoring corporate earnings and central bank policy expectations as markets assess the broader impact of rising geopolitical tensions on the global economy.
