Asian markets fall as crude oil prices jump after US-Iran ceasefire talks fail; Nikkei, Kospi drop 1%

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The US-Iran ceasefire talks over the weekend in Pakistan failed to reach any agreement to end the war in the Middle East. The US moved to block the Strait of Hormuz and Iran’s ports escalated the global energy crisis and reignited worries that the US-Iran war will last longer than feared.