Global Market Check | Asian shares skid up to 2.5% after oil tops $111/bbl, Wall Street slumps

Asian shares declined Thursday, mirroring Wall Street’s slump as oil prices surged past $110 a barrel. Inflationary pressures were already building before the war in the Persian Gulf disrupted energy supplies, leading investors to anticipate fewer interest rate cuts. Major indices in Tokyo, Seoul, and Hong Kong all saw losses.