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Crude oil prices rose after the new Iran-Israel escalation. Iranian state television reported the sound of explosions heard in Isfahan, Tabriz and Tehran.
US and Iranian negotiators reached a preliminary agreement last week to extend the ceasefire, but the deal has not been finalized and the latest attacks further strain efforts to end the conflict.
The price of Brent crude, the international benchmark, rose $3.50 to $96.59 a barrel. The price of U.S. crude rose $3.48 to $94.02 a barrel at the time of writing.
In other stock trading, South Korea's Kospi fell 6.8% to 7,605.42, while Samsung Electronics, the country's largest company, fell 7. SK Hynix fell 3.3%.
Taiwan's Taiex index fell 3.8%. Hong Kong's Hang Seng index fell 1.3% to 24,631.64. The Shanghai Composite index fell 1.1% to 3,984.75.
Japan's benchmark Nikkei 225 index fell 4.2% to 63,804.77. The Japanese government revised its annual economic growth rate to 1.8% for the first quarter of this year, from a previous estimate of 2.1%.
Wall Street closed last week with the S&P 500 index down 2.6%, to 7,383.74, after a strong jobs report raised expectations that the Federal Reserve will raise interest rates at some point this year.
It was the biggest one-day drop since Oct. 10, when the Trump administration threatened to impose a 100% tariff on goods imported from China. The Dow Jones Industrial Average fell 1.4% to 50,866.78. The Nasdaq Composite Index fell 4.2% to 25,709.43.
Bond yields rose after a report showed the U.S. added a surprising 172,000 jobs in May, according to the Labor Department. It is the latest report to show that employment remains strong despite the pressure inflation is putting on businesses and consumers.
The yield on the 10-year Treasury note rose to 4.54% from 4.50% just before the report was released. The yield on the 2-year Treasury note, which tracks the Federal Reserve's actions more closely, rose to 4.16% from 4.04% just before the report.
The Federal Reserve has kept interest rates steady as it tries to gauge the ongoing impact of rising inflation. Prices were already rising due to the impact of tariffs. The US war with Iran has essentially blocked the passage of crude oil shipments through the Strait of Hormuz.
In early currency trading on Monday, the U.S. dollar rose to 160.35 Japanese yen from 160.25 yen. The euro was at $1.1530, up from $1.1515.
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