Japan's Nikkei down more than 5%, S. Korea's Kospi dips over 4%

Japan's Nikkei tumbled over five percent in early trade Monday and South Korea's Kospi was down more than four percent after the price of oil rose again with no end in sight for the war in the Middle East.

The price of the main US benchmark for oil, West Texas Intermediate, was up 3.23 percent at around 0015 GMT, once again surpassing $100 a barrel to reach $102.86. Brent climbed 2.95 percent to $115.89. The Nikkei dipped 5.16 percent and the Kospi was down 4.41 percent before both indexes recovered slightly.