Asia Markets Plunge as Oil Prices Soar, Bond Yields Rise

Asian markets tumbled on Wednesday as renewed attacks by the US on Iran pushed oil prices higher, causing bond yields to rise and stocks to slump.

The MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.5%, with South Korea's KOSPI dropping more than 3% and the Nikkei 225 down 2.6%. S&P 500 e-mini futures were also down 0.1%.

Brent crude futures rose 1.3% to $95.91 a barrel, its highest level in five weeks, as traders feared disruptions to the Strait of Hormuz.

Analysts at Westpac noted that 'the threat of further disruptions has brought about renewed anxiety over inflation, driving a selloff in stocks and a rout in global bond markets.'