Asian Stocks Slip as Oil Prices Hold Above $100

Asian shares took a hit on Thursday following a decline on Wall Street, as oil prices continued to trade above $100 a barrel. The price of Brent crude jumped 3.4% on Wednesday, breaking the $100 mark for the first time since July.

The ongoing conflict between the US and Iran has disrupted oil flows through the Strait of Hormuz, with President Donald Trump stating that oil prices won't fall until after the US midterm elections.

On Wall Street, retailers were among the companies that dragged down the market, with Amazon falling 1.8% and Starbucks losing 1.9%. The energy sector, however, bucked the trend, with Exxon Mobil rising 2.2% and Chevron adding 1.9%.