The broad declines in Asian markets are being followed on Wall Street. At the opening of trading on Thursday, oil prices reached new highs, rising several percent.
Japan's Nikkei 225 is one of the indexes that has fallen the most, by 2.7 percent, while the broader Topix is down slightly less, by 2.0 percent.
The Hong Kong-based Hang Seng is also down 1.7 percent.
China's Shenzhen and Shanghai are down 1.1 and 1.0 percent, respectively.
South Korea's Kospi follows suit, falling 1.6 percent.
