Stocks slide in Asia, Brent crude heads for record monthly high

Stock futures slid in Asia on Monday as investors dug in for a protracted Gulf conflict that already has oil prices heading for a record monthly rise, bringing a spike in inflation and the risk of recession to much of the globe.



Pakistan said on Sunday it was preparing to host "meaningful talks" to end the conflict over Iran in coming days even though Tehran earlier accused Washington of preparing a land assault as the U.S. military sends more troops to the region.



Yemen's Iran-aligned Houthis also launched their first attacks on Israel since the start of the conflict.



"Iran's control of the Strait of Hormuz, capacity to disrupt global energy and food markets, and sustained missile and drone capabilities give it little incentive to concede, pressuring the U.S. to escalate," a statement from a senior geo-economics analyst .



The clampdown on the Strait has sent prices for oil, gas, fertiliser, plastic and aluminium surging, along with fuel for planes and shipping. Prices for food, pharmaceuticals and petrochemical products are all set to rise.