Asian markets faced a sharp downturn on Monday, primarily driven by a surge in crude oil prices after the failure of ceasefire talks between the US and Iran in Pakistan. The Nikkei 225 index in Japan fell by 0.84%, while South Korea's Kospi plunged 1.83%. The failure of negotiations has heightened fears that the conflict in the Middle East may continue longer than anticipated. Additionally, yields on Japan's benchmark government bonds (JGBs) reached a 29-year high, with the 10-year yield rising 5.5 basis points to 2.490%, the highest level since June 1997. US stock futures mirrored this negative sentiment, with the Dow Jones Industrial Average futures dropping 517 points, or 1.1%. This situation reflects growing concerns regarding the global energy crisis and the potential for escalating tensions in the region.