World stock markets plummet as oil prices surge amid Iran war
World stock markets have plummeted as oil prices surge amid the Iran war, with Asian markets largely declining during Monday's opening session. The surge in oil prices has led to concerns over inflation and the potential hampering of Asia's economic expansion.
Asian markets declined on Monday due to concerns over skyrocketing oil prices and the US conflict with Iran. Japan's Nikkei 225 benchmark tumbled 4.5% to 50,979.54, while Australia's S&P/ASX 200 dropped 1.2% to 8,417.00. Benchmark US crude surged $2.28 to $101.92 per barrel, and Brent crude jumped $2.88 to $115.45 per barrel. The conflict has intensified concerns across Japan and broader Asia regarding access to the Strait of Hormuz. Market participants are preparing for an extended conflict, which could trigger inflation and hamper Asia's economic expansion. The S&P 500 tumbled 1.7% to cap off its worst week since the Iran conflict erupted, with tech giants bearing the brunt of selling pressure.
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