Oil prices surged past $100 per barrel early Monday as trading began in Asian markets, turning long-standing market concerns into reality. At the same time, major stock indexes across Asia experienced sharp declines.

Analysts had predicted that crude prices could cross the $100 mark sometime this week. However, the milestone was reached on the very first trading day of the week. Reports indicate that the escalation of the conflict involving Iran, Israel, and the United States has intensified uncertainty in global energy markets.

According to data from OilPrice.com, international crude prices climbed to about $115 per barrel. Brent crude rose roughly 22% to $115, while WTI crude increased by the same margin to around $113.40. Murban crude also surged to about $120 per barrel.

The growing conflict has raised fears that energy shipments through the Strait of Hormuz—a crucial global oil route—could face prolonged disruptions if tensions continue.

Meanwhile, stock markets across the Asia-Pacific region dropped sharply. Japan’s Nikkei 225 fell more than 7%, Hong Kong’s Hang Seng Index dropped over 3%, and Australia’s S&P/ASX 200 declined by more than 4%. South Korea’s KOSPI plunged by more than 8%, forcing authorities to temporarily halt trading using a circuit breaker mechanism.

Economists warn that rising oil prices could also push up global inflation. The International Monetary Fund estimates that every 10% increase in oil prices could raise global inflation by 0.4% while reducing economic growth by about 0.15%.

Some analysts now fear that if shipping through the Strait of Hormuz remains blocked until late March, crude prices could climb as high as $150 per barrel, setting a new record.