Nikkei 225 slid 1 per cent, the TOPIX index declined 0.8 per cent, Hang Seng shed 1.7 per cent, the Hang Seng TECH sub-index slid 2.5 per cent, Shanghai Shenzhen CSI 300 slipped 1 per cent, while the Shanghai Composite index edged 0.5 per cent lower

Most Asian stock markets dropped on Monday, with technology shares leading losses ahead of earnings from AI company Nvidia later this week, while rising oil prices and escalating Middle East tensions dampened investor sentiment.

Nikkei 225 slid 1 per cent, while the broader TOPIX index declined 0.8 per cent.

Hang Seng shed 1.7 per cent, with the Hang Seng TECH sub-index sliding 2.5 per cent.

China’s blue-chip Shanghai Shenzhen CSI 300 slipped 1 per cent, while the Shanghai Composite index edged 0.5 per cent lower.

Oil prices edged up on Monday as the Strait of Hormuz remained largely shut.

S&P/ASX 200 declined 1.6 per cent, while Straits Times Index edged down 0.6 per cent.

Futures tied to Nifty 50 dipped 1 per cent.

KOSPI edged 0.2 per cent higher, outperforming peers as shares in Samsung Electronics rebounded amid signs of progress in labour negotiations.

Geopolitical tensions also weighed on sentiment after the United Arab Emirates reported a strike that caused a fire at a nuclear facility, while Saudi Arabia said it intercepted three drones over the weekend.

In related news, the U.S. president warned Iran that “time is ticking” to reach a deal with Washington, saying “they better get moving, fast.”

U.S. stock market closed lower on Friday amid inflation worries linked to surging oil prices. The country’s stock index futures also dipped during Asian hours on Monday.

Investors are also focused on Nvidia’s earnings on Wednesday for clues on whether the artificial intelligence-driven rally in equities can be sustained.