Asian Shares and Oil Prices React to Fed Rate Hike Expectations

Asian shares and US futures took a hit on Monday as investors grew cautious about the potential for higher interest rates in the near future. The U.S. Federal Reserve's decision to raise rates soon was expected to weigh on stocks, leading to declines across the board.

The news of the possible rate hike sent shockwaves through the markets, causing US futures to drop and Asian shares to follow suit. Oil prices, however, continued to surge as investors sought safe-haven assets amidst the uncertainty.