Indonesia to India: How oil's surge is impacting Asia stock markets

The historic surge in oil is reshaping the outlook for Asian equity and currency markets, as the specter of prolonged high prices exposes the vulnerability of energy-dependent countries.

Risks of a rise in consumer prices and disruption to current-account balances have triggered strong foreign outflows from equities in markets like India and South Korea in recent days, spurring weakness in their currencies. 

A few resources-rich nations, like Australia and Indonesia, are among the beneficiaries as their markets are holding up amid the downturn since Russia invaded Ukraine. Sanctions against Russian oil pushed the price of Brent crude to as high