Asia’s stock markets dive after attacks on energy facilities in Qatar, Iran
Al Jazeera
Stocks tumble as attacks by Israel, Iran on critical energy infrastructure exacerbate fears for global energy supplies.
Asian stock markets have fallen sharply after attacks on natural gas facilities in Qatar, Iran and the United Arab Emirates spelled new turmoil for global energy supplies.
Japan’s benchmark Nikkei 225 and South Korea’s KOSPI tumbled nearly 3 percent early on Thursday morning as the attacks rattled markets already reeling from the effective closure of the Strait of Hormuz and the continued blocking of oil and gas exports from the Gulf region.
Futures for Brent crude, the global benchmark for oil prices, rose more than 4 percent to top $112 a barrel, the highest in more than a week.
Japan and South Korea, Asia’s third- and fifth-largest economies, respectively, depend on imported fossil fuels to meet between 80 and 90 percent of their energy needs. In 2024, they also ranked as the second- and third-biggest importers of liquefied natural gas (LNG), taking 68 million tonnes and 47 million tonnes, respectively, according to the International Gas Union.
Qatar accounted for 77.2 million tonnes of supply that year, making it the world’s third-largest exporter of LNG after the United States and Australia, according to the industry group.
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