Asia-Pacific markets set to open lower as U.S. bombing of Iran escalates Middle East crisis

Asia-Pacific markets are set to plunge Monday, after the United States' attack on three nuclear sites in Iran raised oil prices and investors' fears of an escalation in the Middle East conflict.

Oil prices have spiked in recent weeks following the increased tensions in the Middle East.

Brent Crude was trading at $78.88 per barrel after surging 2.48%, as of 7.30 a.m. Singapore time, while the West Texas Intermediate crude added 2.48% to $75.65.

Japan's benchmark Nikkei 225 was set to open lower, with the futures contract in Chicago at 38,310, while its counterpart in Osaka last traded at 38,370, against the index's Friday close of 39,403.23.

Futures for Hong Kong's Hang Seng index stood at 23,396, pointing to a weaker open compared to the HSI's last close of 23,530.48.

Australia's S&P/ASX 200 is also slated to open lower, with futures tied to the benchmark at 8,469, compared to its last close of 8,505.50.

U.S. equity futures fell in early Asia hours following the U.S. strikes in Iran. Futures tied to the Dow Jones Industrial Average fell by 109 points, or 0.3%. S&P 500 futures shed 0.3% and Nasdaq 100 futures lost 0.4%.

Two of the three key benchmarks on Wall Street fell last Friday as investors kept watch on the Middle East conflict while contemplating the Federal Reserve's plans for interest rate cuts.

The S&P 500 declined 0.22% to end at 5,967.84, making it the broad-based index's third consecutive losing session. The Nasdaq Composite dropped 0.51% and settled at 19,447.41, while the Dow Jones Industrial Average ticked up 35.16 points, or 0.08%, closing at 42,206.82.