Asian Markets Wary of Rising Oil Prices Amid Middle East Tensions

Asian markets were in cautious mode on Wednesday as investors watched for developments on interest rates and the escalating conflict in the Middle East, which is pushing oil prices higher.

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

The increased fighting in the region is constricting global oil supplies and exacerbating inflation concerns, with markets bracing for the upcoming report on U.S. inflation due out on Friday.