Asian Markets Slide as Oil Prices Soar Amid Supply Disruptions

Asian markets took a hit on Monday as concerns over oil supply disruptions and potential interest rate hikes weighed on investor sentiment.

Brent crude prices rose 2.6% to $107.36 a barrel, while US crude climbed 2.4% to $102.48 a barrel, following last week's nearly 9% gain.

The increase in oil prices is stoking fears of higher inflation globally, with analysts warning that supply disruptions could persist for an extended period.

In the US, markets are pricing in an 86% chance of a 25-basis-point rate hike by the Federal Reserve on Wednesday, with some economists predicting further hikes in September and December.