Seoul shares collapsed more than 12 per cent as Asian equity markets were hit by panic selling Wednesday, while oil rose amid fears the US-Israel war on Iran will fan inflation and hammer the global economy. As the joint strikes on the Islamic Republic moved into a fifth day, observers warned that the continued choking of crude supplies from the Middle East would continue to push prices higher and deal a blow to hopes for any more monetary easing. US President Donald Trump pledged that if needed, the navy would escort oil tankers through the Strait of Hormuz — through which about a fifth of global oil supplies flow — and ordered Washington to provide insurance for shipping. That provided some relief to traders and pared a rally in prices Tuesday. However, Iranian strikes on several nei...