Hong Kong stocks sink alongside Asian markets after oil crosses US$100

Hong Kong stocks slumped on Monday, tracking the slide across Asia-Pacific markets, after crude oil crossed US$100 a barrel, as the conflict in the Middle East continues to worsen, stoking inflation and growth concerns in oil-dependent countries. Over the weekend, Israeli air strikes targeted Iranian oil storage depots and energy infrastructure, further escalating supply disruption fears. Since the war broke out on February 28, Iran has virtually shut the Strait of Hormuz, a chokepoint through which roughly one-fifth of global oil and gas shipments pass. The Brent oil benchmark surged 18 per cent on Monday to around US$109 a barrel,…