Equity markets in China and the Philippines fell more than 1.5%, while in South Korea they were about 1% lower.
Broadly, rising prices had already been on investors' minds, pushing US bond yields higher and keeping pressure on Asia's bond markets and equity valuations. "We are likely nearing a point when higher oil prices become a negative rather than a positive influence over risk assets via the inflation throughput to higher yields."
South Korea's won fell 0.6%. On the other end, Singapore stocks jumped 2% to their highest in more than a year, led by a rally in Jardine Strategic and Jardine Matheson, which climbed nearly 20% and 14%, respectively.
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