Asian Stocks Plunge as Oil Prices Hit $100 a Barrel Milestone

Asian shares declined Thursday following a drop on Wall Street as oil prices traded above $100 a barrel for the first time since July. The price of Brent crude surged 3.4% on Wednesday to hit this milestone, but fell back slightly to around $101 a barrel by early Thursday.

The ongoing conflict between the U.S. and Iran is disrupting oil flow through the Strait of Hormuz, a critical waterway that handles nearly a fifth of global oil supply. President Donald Trump stated that oil prices may not decrease until after the U.S. midterm elections.

In Asia, Tokyo's Nikkei 225 dropped 0.8% to 64,597.46, while Hong Kong's Hang Seng fell 1.4% to 24,932.95. The Shanghai Composite index declined 0.3% to 3,939.43.