Asian Stocks Plummet as Oil Prices Soar Past $100 Per Barrel

Asian stocks plummeted on Friday as oil prices surged past $100 per barrel for the first time in two months, reigniting fears of inflation and sparking a sell-off in bonds.

The price of Brent crude held steady at $100.85 per barrel after jumping by 7% overnight to a two-month high of $102 due to attacks on Saudi tankers in the Red Sea and Iran's near-closure of the Strait of Hormuz, which has choked off a crucial Middle East artery for global oil supplies.

Nigel Green, CEO of deVere Group, said that 'two of the world's busiest shipping corridors are under threat in the same month,' adding that 'this looks less like a short-lived spike and more like a genuine reopening of the inflation question.'

The US administration's decision to impose higher tariffs on goods from 60 trading partners also contributed to the inflation picture, with 30-year Treasury yields nearing their highest levels since 2007 and benchmark European borrowing costs climbing to highs last seen in 2011.