Oil rises above $115 and Asia shares slide as Iran war enters fifth week

Oil prices surged above $115 per barrel and Asian stock markets declined as tensions escalated in the Middle East following strikes by Iran-backed Houthi rebels in Yemen against Israel over the weekend. The Houthi attacks mark a direct expansion of regional conflict, pulling a major non-state actor aligned with Iran into active hostilities. Higher oil prices reflect investor concerns about potential supply disruptions if the conflict widens further, while stock declines signal broader market anxiety about geopolitical risk. The strikes underscore how the Israel-Gaza conflict has drawn in multiple armed groups across the region, each backed by competing regional and international powers. Energy markets remain sensitive to any indication that fighting could spread to major oil-producing nations or critical shipping routes.