Asian shares have swooned, with South Korea's benchmark plunging more than 12%, after a global sell-off for stocks hit Wall Street. Oil prices climbed still higher.

Asian shares have resumed their decline after a global sell-off for stocks hit Wall Street, while oil prices climbed even higher

Oil prices climbed more than 3% as the United States and Israel war with Iran entered its fifth day, with Israel targeting the Iranian leadership and security forces and the Islamic Republic hitting back with missile barrages and drone attacks across the region.

The U.S. stock market is holding steadier Wednesday following two days of punishing swings driven by worries about how high oil prices will go because of the war with Iran.

South Korean benchmark Kospi jumped as much as 11% at the open. Overnight in the U.S., stocks rose, building on the momentum seen late in the previous session. In this article South Korea's Kospi jumped over 12% Thursday,

Wall Street futures are mixed while oil prices are stabilizing after Trump said the U.S. Navy could escort tankers through the Strait of Hormuz, where about a fifth of the world’s oil passes.