Asian markets fall as oil surges past $100 after talks collapse

Asian markets opened lower and oil prices surged past $100 a barrel after US-Iran talks failed and Washington ordered a naval blockade of Iranian ports.

Japan’s Nikkei 225 fell 0.84 percent and the Topix slipped 0.42 percent, while South Korea’s Kospi dropped 1.83 percent.

Oil prices jumped sharply, with West Texas Intermediate rising 8.56 percent to $104.84 a barrel and Brent crude gaining 8.61 percent to $103.38.

Markets have been volatile since the conflict began, with disruptions in the Strait of Hormuz, a key route for global energy supplies, adding to uncertainty.