Bangkok: Asian stocks fell as oil prices continued to hit record highs. Global stock markets opened lower this morning as investors adjusted their portfolios amid the prolonged war in the Middle East, which has lasted for more than a month. Meanwhile, oil prices continued to hit new monthly highs, fueling rising inflation and putting several countries at risk of recession.

According to Thai News Agency, Japan's Nikkei index opened down 2.47 percent before falling further by 5.26 percent in morning trading. South Korea's Kospi index opened down as much as 4.73 percent, while China's Shanghai Composite index opened down 0.75 percent.

Brent crude futures jumped $3.09, or 2.74 percent, to $115.66 per barrel at 7:00 AM Thai time today, after closing up 4.2 percent on Friday.

The Australian government has announced measures to help people affected by rising fuel prices by halving the excise tax on diesel and gasoline for three months. Prime Minister Anthony Albanese announced a tax reduction of almost 6 baht per liter and a suspension of road tolls for trucks for three months. These measures are expected to cost the government approximately 57 billion baht.