India, March 9 -- Global financial markets came under heavy pressure on Monday as oil prices surged to their highest levels since 2022, triggering a broad sell-off in equities across Asia and raising fears of a fresh inflation shock to the global economy. Asian stock markets plunged after crude prices spiked sharply amid growing concerns about supply disruptions from the Middle East, where the United States-Israel war with Iran entered its second week with no signs of easing.

Brent crude and US benchmark West Texas Intermediate both jumped above $114 per barrel in early trading, marking gains of more than 20% from Friday's close. At one point, WTI surged as much as 30% to nearly $119 a barrel, while Brent climbed close to $118.

The spik...