Asian stocks today: Kospi, Nikkei decline following renewed US-Iran war tensions, rising crude oil prices

Asian markets declined sharply on Monday as renewed US-Iran military strikes over the weekend escalated Middle East tensions, with Iran announcing the closure of the Strait of Hormuz. South Koreas Kospi fell 2.47% and Japans Nikkei slipped 0.2%, while Brent crude surged over 3% to around $78.40 per barrel on supply disruption fears. Rising oil prices also lifted inflation expectations, with money markets now pricing in nearly 40 basis points of additional US Fed rate hikes by December, up from around 15 basis points in early June.