Oil Prices Soar Amid Fears Of Escalation In Iran

TOKYO (AP) — Asian shares are mostly declining, as worries continue about soaring oil prices and the potential for further escalation in the U.S. war with Iran. But shares rose moderately in early Monday trading in France, Germany and Britain. U.S. futures also rose. Benchmarks finished lower in Tokyo, Sydney, Seoul and Hong Kong. Worries have been great in Japan and the rest of Asia about the effective lack of access to the Strait of Hormuz because of the war in Iran, as the region relies greatly on such access for oil shipments. Oil prices climbed. Investors are now bracing for the war to last for some time, which would likely set off inflation in global markets.