India, March 9 -- Oil prices surged to $114 a barrel as more major Middle East producers cut production, the Strait of Hormuz remained largely closed, and the United States warned it could deepen a conflict that has already shaken global energy markets.

Several Asian stock markets fell sharply on Monday as oil prices climbed by more than 25 per cent and the US-Israeli war against Iran entered its second week with no sign of easing.

West Texas Intermediate, the main US oil benchmark, rose by more than 30 per cent to reach a high of $118.21 per barrel, before easing slightly, while Brent Crude was 27.54 percent higher at $118.22. Futures for the S&P 500 and the Dow Jones Industrial Average dropped 1.9 per cent.

US President Donald Trump ...