It was another dismal start to the day on Thursday with most Asia-Pacific markets in the red, following down Wall Street on persistent fears over the impact of surging oil prices on inflation and economies across the globe.

Oil futures reached an intraday high of $144.32 per barrel, and August crude recently traded at $144.21 per barrel amid concerns over dwindling stockpiles. The upward pressure on energy added to the woes of companies already struggling to pass on costs to customers.