Asian shares fall as rising energy costs fan inflation fears

Shares have fallen in Asia as surging prices of oil, coal and other energy fan fears over inflation

Shares retreated in Asia on Tuesday as surging prices of oil, coal and other energy added to concerns over inflation.

Benchmarks declined in Tokyo, Hong Kong and Shanghai. Oil prices edged lower after U.S. benchmark crude oil closed above $80 per barrel on Monday. It traded briefly above $81 per barrel on Monday for the first time in seven years.

Costs of oil, coal and natural gas have been climbing, adding to price pressures that might lead the Federal Reserve and other central banks to pull back more quickly on their support for markets.

Tokyo's Nikkei 225 index lost 1% to 28,216.15 and the Hang Seng in Hong Kong also fell 1%, to 25,066.05. The Shanghai Composite index shed 1% to 3,554.38 and the S&P/ASX 200 slipped 0.4% to 7,272.90.