Asian Markets Slide as Fed Rate Hike Fears and Oil Prices Soar

Asian shares and US futures declined on Monday as investors expected the Federal Reserve to raise interest rates. This move comes after Fed Chairman Kevin Warsh reinforced the possibility of higher rates in a speech last week.

The surge in oil prices was another key factor, with Brent crude rising 2.9% to $90.61 per barrel and US benchmark crude up 2.7% to $85.66 per barrel.

The increase in oil prices can be attributed to the recent military action by US forces against Iranian rocket launchers on the Strait of Hormuz, which has raised concerns about regional stability and potential supply disruptions.