Asian markets experienced significant declines as investors reacted to the escalating conflict in the Middle East and surging oil prices, which have now exceeded $100 per barrel. The Nikkei 225 Index saw a notable drop, marking one of its largest decreases in history. The persistent worries about the duration of the Iran war have led to increased volatility in oil prices and diminished rate-cut expectations. While U.S. stocks remained relatively stable, Asian equities, particularly in Japan and South Korea, faced substantial losses as concerns about the economic repercussions of the conflict continue to mount.