Pakistan, July 13 -- Asian stock markets declined on Monday as escalating conflict in the Gulf and renewed concerns over the Strait of Hormuz sent oil prices sharply higher, raising fears of inflation and increasing uncertainty across global financial markets.

Read More: Oil prices ease after Opec+ boosts output targets

Investor sentiment weakened after Iran claimed to have closed the strategically important Strait of Hormuz, a vital route for global energy shipments. The development pushed crude oil prices up by more than four percent, with Brent crude climbing to $79.11 per barrel and US West Texas Intermediate reaching $74.37 per barrel. The surge reversed weeks of relatively lower energy prices and reignited concerns over rising cos...