Asia Markets Mixed Amid Rising Oil Prices and Rate Hike Fears

Asian shares were mixed in cautious trading on Wednesday as investors watched for potential rate hikes and rising oil prices.

Brent crude approached $100 a barrel, surging 1.6% to $99.48, while benchmark U.S. crude rose 1.4% to $94.35 per barrel.

The increased fighting in the Middle East has constricted the global flow of oil, exacerbating worries over high inflation.

In Tokyo, Japan's benchmark Nikkei 225 lost 0.2% to 65,142.78, while South Korea's Kospi gained 1.4% to 7,051.64.