South Korean Kospi plunged 6% as oil prices surged, dragging down Asian markets and raising U.S. gas costs to $3.94 a gallon, up 32% since the Middle East conflict began.

Brent crude rose to $112.19 a barrel, while WTI crude settled at $98.23, amplifying investor anxiety over potential disruptions to the critical Strait of Hormuz shipping route.

The market rout underscores the vulnerability of Asian economies to energy shocks, with China and Hong Kong also seeing declines, and futures pointing to a U.S. market drop on Monday.