Oil nears $97, Asian stocks slide after Israel-Iran strikes

Oil prices jumped and Asian equities fell Monday after Israel struck military targets in Iran and Tehran fired missiles toward Israel, shaking a ceasefire that had been in place since April. Brent crude rose as much as 4.4% to $97.15 a barrel, while US benchmark WTI traded above $94. South Korea's Kospi briefly triggered a circuit breaker after dropping nearly 9% at the open, and Japan's Nikkei 225 fell about 4% as tech shares sold off. Markets were also reacting to fears that a wider Middle East conflict could further disrupt energy flows through the Strait of Hormuz and keep inflation elevated, complicating hopes for lower interest rates.