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Asian shares decline as oil prices soar amid the war in Iran, echoing last week's Wall Street drop
Asian markets fell sharply with Japan's Nikkei down 4.5%, while Brent crude oil surged above $115 amid fears of prolonged U.S.-Iran conflict raising inflation risks.
- On Monday, Asian stock markets retreated amid escalating concerns over surging oil prices tied to the U.S. conflict with Iran.
- Brent crude soared $2.88 to $115.45 a barrel as investors feared the war would choke off oil shipments through the Strait of Hormuz.
- Japan's benchmark Nikkei 225 slipped 4.5% to 50,979.54, while South Korea's Kospi dove 3.2% to 5,264.32, reflecting broad market weakness across the region.
- Oil prices climbed further after President Donald Trump extended his self-imposed deadline to "obliterate" Iran's power plants to April 6, signaling prolonged conflict.
- Xavier Lee, senior equity analyst at Morningstar Research, warned of "heightened volatility in the near term" as investors brace for prolonged war to stunt economic growth.
25 Articles
25 Articles
Japan and South Korea, which are highly dependent on oil imports, are sensitive to developments in Iran. Governments are switching to crisis mode.
Asian shares decline as oil prices soar amid the war in Iran, echoing last week's Wall Street drop | 100.1 FM and AM 1020 KDKA
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Associated Press News
Asian shares decline as oil prices soar amid the war in Iran, echoing last week's Wall Street drop
Asian shares are mostly declining, as worries continue about soaring oil prices and the potential for further escalation in the U.S. war with Iran.
Japan and South Korea, which are highly dependent on oil imports, are sensitive to developments in Iran. Governments are switching to crisis mode.
Oil prices have surged past $115 a barrel amid escalating Middle East conflict, with Asian stocks immediately reacting with significant declines. The developments come as the war with Iran enters its fifth week, heightening tensions on global markets. Brent, the international benchmark for oil, rose more than 3% on Monday morning, surpassing $115 a barrel. Meanwhile, WTI, the benchmark for the US market, rose to around $103, up 3.5% from the end…
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