Asian markets took a sharp hit on Monday from surging oil prices triggered by the escalating Iran war, now in its second week. Brent crude climbed to $103.54 per barrel and the US benchmark to $107.35, both up around 15% from Friday’s close, marking the highest levels in at least 14 years. Tokyo and Seoul stocks fell hard, while Hong Kong’s Hang Seng dropped 1.4% to close at 25,408.46. Veteran analyst Francis Lun called high oil prices the ‘worst case scenario’ for East Asian net oil importers, stating, ‘Everything is getting out of control now.’
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