Oil Price Surge Sends Asian Stocks Tumbling

Asian stocks fell in tandem with losses on Wall Street as rising oil prices fueled inflation concerns. The MSCI Asia Pacific Index dropped by 0.3%, with Japan's benchmark index and Australia's opening lower, while South Korea's remained relatively unchanged.

The S&P 500 Index declined 0.5% in the US session, led by industrial and consumer-discretionary shares. The Nasdaq 100 Index fell 0.3% as major tech players Nvidia Corp., Amazon.com Inc., and Alphabet Inc. declined.

Oil prices continued to rise, with West Texas Intermediate reaching around $97 a barrel early Thursday and Brent advancing 0.5% to $101.69. The increase in oil prices, combined with rising Treasury yields, has left markets particularly sensitive to this Friday's US inflation report.