Asian Stocks Tumble as Oil Tops $100 on Mideast Conflict

Asian stock markets tumbled sharply on Monday as oil prices surged above $100 a barrel, driven by escalating disruptions from the second week of war in the Middle East. The conflict, involving strikes on critical infrastructure, heightened fears of supply shortages in the oil-rich Persian Gulf region, impacting economies reliant on imported energy.

Japan's benchmark Nikkei 225 index fell more than 6 percent shortly after trading opened, dropping to around 52,000 before paring some losses to close down about 5 percent at 52,889.48. South Korea's Kospi index sank over 6 percent to near 5,200, while Australia's and New Zealand's shares declined more than 3 percent. Hong Kong's Hang Seng lost about 3 percent to 25,343.77, Shanghai's Composite dipped 1.7 percent to 4,100.91, and Taiwan's benchmark plunged 4.4 percent. U.S. futures for the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average traded down more than 2 percent, signaling further pressure on Wall Street.

The spike in oil prices followed weekend attacks by both sides in the conflict. Israel targeted oil depots in Tehran, producing thick smoke and triggering environmental alerts. Bahrain accused Iran of striking a key...