Asian shares were mixed and oil prices advanced Wednesday after the escalation of conflict in the Middle East hit Wall Street. U.S. benchmark crude oil was up 24 cents at $73.51

Oil prices eased in Asian trade on Wednesday, after a gain of 4% in the previous session, as markets weighed the chance of supply disruptions from the Iran-Israel conflict against a U.S. Federal Reserve rates decision that could impact oil demand.

Shares of airline companies - Spicejet and IndiGo parent Interglobe Aviation - fell up to 1% today amid concerns that a rise in crude prices would propel aviation turbine fuel (ATF) higher. The ATF is a direct derivative of crude oil and constitutes a significant portion (30-40%) of an airline's operating expenses.