Global investors are poised to pull a record sum from Asian emerging-market equities excluding China, driven by surging oil prices triggered by the Middle East conflict. Record withdrawals from these markets could accelerate capital flight and amplify regional economic pressures. The conflict has pushed oil costs higher, raising inflation concerns and prompting central banks to maintain restrictive policies, which dampens investment appetite. Emerging Asia faces heightened vulnerability as oil-import dependent economies grapple with these headwinds, potentially triggering broader market volatility and currency depreciation.