Oil Prices Surge Amid Geopolitical Tensions and Interest Rate Hikes Loom

Asian share markets experienced a decline on Monday as oil prices surged due to renewed geopolitical tensions. The spike in Brent crude by 3% followed new attacks in Saudi Arabia and the Gulf, heightening concerns about disruptions to global energy supplies.

This instability also postponed an essential meeting that could have eased tensions between key players.

Markets are pricing in a high probability of interest rate hikes by the Federal Reserve and the Bank of Japan amid inflation concerns spurred by the spike in oil prices.