Asian Stocks Plummet as Oil Prices Rise

Asian stock markets experienced a decline on Wednesday, led by South Korea's Kospi, which dropped 5.2% to 6,515.97.

The Nikkei 225 in Tokyo sank 2.6% to 65,703.78, while the Hang Seng in Hong Kong lost 0.4% to 25,382.66 and the Shanghai Composite index shed 1.5% to 3,927.70.

The decline was also attributed to rising oil prices, which surged 0.9% to $91.83 per barrel for Brent crude, the international standard.

Bond yields have been another concern, as they jumped since the war began due to high oil prices pushing inflation higher and adding to worries over huge debt loads for governments.