Asian equities plunge as oil soars 30% on West Asia crisis
The Hindu
Asian equities drop sharply as oil prices surge 30% amid escalating West Asia conflict, raising inflation and economic concerns.
Asian stock markets plunged on Monday (March 9, 2026) as oil prices soared 30% on fears about supplies from West Asia as the U.S.-Israeli war against Iran continued into a second week with no sign of letting up.
Investors, already spooked by concerns over extended tech valuations and the huge spending on AI, ran for the hills as crude rocketed to its highest level since the Russian invasion of Ukraine in 2022.
Fears grew that the West Asia conflict could last for some time after U.S. President Donald Trump said only the “unconditional surrender” of Iran would end the war.
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He added at the weekend that the spike in prices was a “small price to pay” to eliminate Iran’s nuclear threat, reiterating the White House’s insistence that the rise is temporary.
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