Asian Markets Plummet as Brent Crude Hits $100 Per Barrel

Markets in Asia suffered losses on Friday as Brent crude oil prices surged to $100.69 per barrel, its highest price since May.

The increase was attributed to attacks on two Saudi oil tankers in the Red Sea, which threatens another route for oil companies to transport their crude from the Middle East to customers worldwide.

The Strait of Hormuz, a vital shipping lane, is also at risk due to escalating tensions between the US and Iran.

US stocks fell under pressure, with the S&P 500 dropping 1.2% and the Dow Jones Industrial Average losing 506 points or 1%, as investors worry about rising oil prices and their impact on inflation.