Asian Markets Plummet as Oil Prices Soar Amid US-Iran Conflict

The Asian markets experienced significant losses on Wednesday, as a spike in oil prices and bond yields weighed heavily on investors.

The threat of further disruptions to the Strait of Hormuz has increased anxiety over inflation, leading to a selloff in stocks across major markets and a rout in global bond markets, according to Westpac analysts.

The Nikkei 225 fell 2.6%, while South Korea's KOSPI dropped more than 3%. The MSCI's broadest index of Asia-Pacific shares outside Japan tumbled 1.5%.

Brent crude futures rose for a second day, reaching $95.91 per barrel after the U.S.-Iran conflict pushed oil prices to a five-week high.