Mixed Asian Markets as Oil Prices Soar Past $99

Asian stock markets were mixed in cautious trading on Wednesday as investors eyed interest rate decisions and rising oil prices. The international benchmark for oil, Brent crude, surged 1.6% to $99.48 a barrel.

The Nikkei 225 index in Japan lost 0.2%, while South Korea's Kospi gained 1.4%. Hong Kong's Hang Seng dipped 0.3%, but the Shanghai Composite added 0.4%.

Oil prices have been pushed higher by increased fighting in the Middle East, which is constraining global oil supplies and fueling concerns about high inflation.

Economists expect a report on US inflation due out on Friday to show a slight easing of price pressures, but the rate remains well above the Federal Reserve's 2% target.