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

Stocks saw heavy volatility on Tuesday, with the Dow down as much as 1,200 points before clawing back much of that loss as traders assessed Iran war updates.

Oil prices leaped on worries that war with Iran could clog the flow of crude, while U.S. stocks swung from sharp losses to tiny gains

Israeli war on Iran develops. Spencer Jakab, an investing columnist for The Wall Street Journal, joins CBS News with more.

Global oil prices are in the high $70s as traffic through Strait of Hormuz comes to a halt. Some analysts have warned they could top $100 a barrel if the stoppage is prolonged.

A sell-off for stocks is slamming into Wall Street Tuesday after wrapping around the world, as oil prices leap even higher with worries that the widening war with Iran may do more sustained damage

The relatively modest jump in oil prices in the wake of the U.S.-Israel warwith Iran suggests investors are betting that the disruption to oil supplies from the Middle East will be short-lived. But that optimism may be misplaced.

The price of oil surged Monday as President Donald Trump signaled that the conflict between the U.S., Israel and Iran would potentially be drawn out for longer than a few weeks, raising concerns that the global energy market would face disruptions as a result.