Middle East Tensions Spark Oil Surge and Tech Rout

Markets worldwide reacted sharply to renewed tensions in the Middle East as US and Saudi warplanes struck Iran-backed militants in Iraq.

The strikes sent oil prices surging, with US West Texas Intermediate climbing around 3.8% to near $82.25 per barrel, while North Sea Brent crude rose more than 3.9% to the mid-$80s per barrel.

In Asia, technology-heavy stock markets plummeted, with South Korea's Kospi suffering a nearly 11.4% decline to 5,338.56.

Chipmakers SK hynix and Samsung led the losses in Seoul, while Tokyo's Nikkei 225 dropped 2.3% at 60,945.73.