Stocks across Asia fell sharply on Monday as oil prices climbed, extending weeks of global market turmoil linked to the war in the Middle East. New strikes on Iran that disrupted power in large parts of Tehran added to investor anxiety and deepened concerns about energy supplies.

South Korea's Kospi index dropped 6 percent, while Japan's Nikkei index fell 4 percent and Taiwan's Taiex declined more than 2 percent. Markets in China and Hong Kong also moved lower. Futures indicated that the Standard and Poor's 500 index in the United States was likely to open down after closing 1.5 percent lower on Friday.

Oil prices continued to rise, with Brent crude trading near 113 dollars a barrel and West Texas Intermediate crude around 99 dollars. Higher energy costs have pushed United States gasoline prices to an average of 3.94 dollars per gallon, up nearly 32 percent since the war began, while diesel has surged to 5.25 dollars per gallon, a 40 percent increase over the same period.