Asian Stocks Plunge on Oil Prices as Inflation Worries Mount

Asian stock markets and bonds have taken a hit following a surge in oil prices. The MSCI Asia Pacific Index has slid by 1.7%, marking its largest loss in three weeks.

The Brent crude price climbed to $107.86 per barrel, while the US Treasury's bond-buyback program failed to meet investors' expectations on Thursday.

This comes as investors wait for key US inflation data that could influence the Federal Reserve's decision on interest rates this month.