Middle East Tensions Send Global Markets Reeling

Tensions in the Middle East are sending shockwaves through global markets as oil prices surge and Asian shares decline.

The conflict has pushed Brent crude up 1.4% to $98.40 a barrel, with benchmark U.S. crude rising 2.6% to $93.88 per barrel.

In Japan, the Nikkei 225 fell 1.7% to 65,269.33 as major exporters were sold due to a surge in the value of the Japanese yen.

The yen has gained value against the dollar in the past few days on expectations that the U.S. and Japanese governments might intervene to prevent the yen from weakening further.