Japan's Nikkei futures fall 7% after oil prices surge

A screen displays the Nikkei 225 Stock Average figure at the Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan. - Photographer: Akio Kon/Bloomberg

TOKYO: Japan's Nikkei stock futures fell as much as 7% in early trade on Monday after oil prices spiked and fanned fears of inflation.

Japan's Nikkei average futures was last down 6.87% at 51,900 as of 2354 GMT.

Oil prices surged about 20% in early trade on Monday, hitting their highest since July 2022, as the expanding U.S.-Israeli war with Iran fuelled fears of tighter supply and prolonged disruptions to shipments through the Strait of Hormuz. - Reuters