SINGAPORE — Shares in Asia-Pacific declined in Monday morning trade as oil prices surge, with the ongoing Russia-Ukraine war continuing to weigh on investor sentiment globally.

In Japan, the Nikkei 225 led losses regionally as it slipped 2.57% while the Topix index shed 2.41%. South Korea’s Kospi also saw heavy losses as it fell 1.97%.

Over in Australia, the S&P/ASX 200 dipped 0.74%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.41% lower.

Oil prices soared in the morning of Asia trading hours on Monday, with international benchmark Brent crude futures up 8.97% to $128.71 per barrel. U.S. crude futures also surged 8.01% to $124.95 per barrel.

The sharp rise in oil prices, which already recently spiked, came after U.S. Secretary of State Antony Blinken said Sunday Washington and its allies are considering banning Russian oil and natural gas imports.

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The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 98.835 — having risen recently from levels below 97.6.

The Japanese yen traded at 114.95 per dollar, after strengthening sharply late last week from levels above 115.20 against the greenback. The Australian dollar was at $0.7392, following a general upward trek last week from below $0.72.

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