World oil prices surged Monday as a fresh flare-up between the United States and Iran rattled investors, while a selloff in chipmakers sent South Korea's stock market plunging.

World oil prices surged Monday as a fresh flare-up between the United States and Iran rattled investors, while a selloff in chipmakers sent South Korea's stock market plunging.

Seoul led losses in most Asian stocks, dragged down by market heavyweight SK hynix's 10 per cent plunge.