Asian shares extend losses as oil prices push higher

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Asian shares have declined after Wall Street logged its biggest drop in more than a year as markets were jolted by another surge in oil prices. Benchmarks have fallen in Tokyo, Sydney, Seoul and Shanghai. A third round of peace talks between Ukraine and Russia failed to produce major results. Surging prices for oil and other vital commodities are rattling global markets, but the situation remains uncertain as investors search for safe havens from expanding sanctions against Russia. Analysts expect the war in Ukraine to top the agenda for some time to come and say the full impact of the conflict is yet to be fully taken into account.