Oil Prices Surge Above $100 as Asian Markets Falter

Asian stock markets declined Thursday in response to a downturn on Wall Street. The price of crude oil has traded above $100 a barrel for several days, with Brent crude jumping 3.4% on Wednesday to its highest level since July.

The Strait of Hormuz, through which much of the world's oil flows, has seen increased tensions between the US and Iran, leading to concerns about supply disruptions. U.S. President Donald Trump stated that oil prices won't fall until after the US midterm elections.

In Asian trading, Japan's Nikkei 225 fell by 0.8% to 64,597.46 while South Korea's Kospi declined by 0.9%.