West Texas Intermediate crude jumped 5% to $75.00 a barrel, while Brent crude climbed 4.9% to $79.74. The instability rippled through regional exchanges, where chip manufacturers faced the brunt of the sell-off. South Korea’s Kospi index slid 9.2% after a temporary trading halt, fueled by a 14% plunge in SK Hynix and a 10% drop for Samsung Electronics. Japan’s Nikkei closed down 2.2%, with Kioxia shares falling 14%.
In section Market Quotes
Oil Surges as Middle East Tensions Rattle Asian Markets
A sharp escalation in hostilities between Washington and Tehran sent crude prices soaring Monday, as the Strait of Hormuz—a vital artery for one-fifth of global energy supplies—became the focal point of fresh military strikes and tanker attacks, triggering a wave of risk-off sentiment across Asian equity markets.
Goldman Sachs Research highlighted that while the immediate price rally reflects the critical nature of Hormuz transit flows, the long-term outlook remains tempered by expanding pipeline capacity. Despite the heightened volatility, analysts at ANZ Research noted that both Washington and Tehran appear to be avoiding a full-scale war, with U.S. strikes notably steering clear of Iranian energy infrastructure. Even so, the situation remains a primary tail risk for global markets, with precious metals also feeling the heat; spot gold dipped 1.4% to trade above $4,050 an ounce, and silver fell 2.6% to $58.29.
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