Asian shares fell sharply Feb 22, battered by ongoing unrest in the Arab world, an earthquake in New Zealand and a downgrade of Japan's credit rating outlook.

Oil prices, meanwhile, soared to near $93 a barrel as Libyan leader Moammar Gadhafi struggled to keep his grip on power in the OPEC nation amid violent protests.

Markets were shaken by the unrest in Libya and the potential for the instability to spread to other member nations of the Organization of Petroleum Exporting Countries, especially Saudi Arabia and Kuwait.

In currency markets, the euro was down at $1.3580 from $1.3645, AP reports.