Asian stock markets fell while oil prices surged on Tuesday as the ongoing war involving Iran continued to rattle global markets and drive up energy costs.

South Korea’s benchmark Kospi index dropped sharply by 3.82 percent, losing more than 200 points to stand at 5,075.92 around 01:00 GMT. Japan’s Nikkei 225 also declined 2.24 percent in early trading before recovering slightly, though it remained down 0.73 percent, or 377 points, at 51,507.99.

China’s FTSE China A50 Index edged lower as well, slipping between five and 10 points, or less than 0.07 percent, to hover around 14,570.

Meanwhile, oil prices climbed amid supply concerns linked to the conflict. The US benchmark West Texas Intermediate rose 1.08 percent to $103.99 per barrel, crossing the $100 mark for the first time since the war began. International benchmark Brent Crude jumped 2.23 percent to reach $109.78 per barrel.

Rising crude prices have translated into higher fuel costs in the United States. The average retail gasoline price has exceeded $4 per gallon for the first time in more than three years, according to data cited by Reuters from fuel tracking service GasBuddy.

Since the US-Israel war involving Iran began on February 28, gasoline prices across the US have surged by about $1.06 per gallon, marking a 36 percent increase. The last time prices reached the $4 threshold was in August 2022, following the outbreak of the Russian invasion of Ukraine.

During his 2022 campaign to return to the White House, Donald Trump had pledged to cut energy costs and boost domestic oil and gas production, a promise now facing renewed scrutiny amid the latest price spike.

#From Al Jazeera