Asia-Pacific markets set to plunge after Iran strikes, oil futures spike by over 8%

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Asia-Pacific markets were set to fall Monday after U.S. and Israeli strikes on Iran, which killed Iranian supreme leader Ayatollah Ali Khamenei, marked a sharp escalation of tensions in the Middle East.

U.S. President Donald Trump said Sunday that combat operations in Iran will continue after three U.S. servicepersons were killed.

Oil futures on Monday jumped by over 8%, with West Texas Intermediate futures and Brent trading at $72.52 and $79.04 per barrel, respectively.

Japan’s Nikkei 225