Asian shares slipped on Monday while the dollar held near 14-month peaks after an unambiguously strong payrolls report shoved up bond yields and tested lofty equity valuations just as the earnings season gets under way.

Oil prices jumped in Asian trade on Monday, building on last week’s rally as markets reacted to the potential for significant supply disruptions following the United States' imposition of stringent sanctions on Russian oil exports.

The dollar began the week on a strong note on Monday, leaving its peers languishing near multi-year lows after a blowout U.S. jobs report that underlined the outperformance of the world's largest economy versus the rest of the world.

Global share markets were under pressure on Friday as investors counted down to a U.S. jobs report later in the day that could exacerbate or ease the sell-off in the global bond market, while the dollar stood near two-year highs.

Oil prices rose in early Asian trade and were on track for a third straight week of gains with icy conditions in parts of the United States and Europe driving up fuel demand.

Philadelphia Federal Reserve President Patrick Harker said on Thursday he still expects the U.S. central bank to cut interest rates, but added that any sort of imminent move down isn't needed amid considerable uncertainty over the economic outlook.