Japan, South Korea stocks tumble over 6% as oil tops $100 amid broader Asia market rout
CNBC
Brent futures spiked 16.1% to last trade at $107.61, while U.S. West Texas Intermediate crude futures rose almost 17.7% to $107.02
Japan's Nikkei 225 and South Korea's Kospi both plunged over 6% in early trade Monday, leading a broader regional sell-off as oil prices breached $100 per barrel for the first time since 2022.
Japan's Nikkei 225 tumbled 6.22%, falling below the 53,000 mark for the first time since Feb. 6, while the Topix was down 5.27%.
South Korea's Kospi was down 6.68%, triggering a temporary trading halt for the Kospi 200 futures. A circuit breaker was activated last week when the benchmark tumbled more than 12% Wednesday to record its worst single-day decline.
Gold prices rose for a fifth consecutive session on Tuesday, as investors sought safe-haven assets amid an escalating U.S. and Israeli air war against Iran.
The yen and euro were lower on Tuesday as the widening Middle East conflict focused attention on countries dependent on energy imports.
Oil prices continue to rise Iran's Revolutionary Guard says it has closed the Strait of Hormuz,
European stocks are expected to start the new trading week firmly in negative territory.
Oil prices jumped to their highest levels in months on Monday as Iran and Israel escalated attacks in the Middle East, disrupting shipments from the region.
Gold prices rose on Monday after the U.S. and Israel launched strikes on Iran, killing Supreme Leader Ayatollah Ali Khamenei, deepening global uncertainty.
Oil futures on Monday jumped by over 8%, with West Texas Intermediate futures and Brent trading at $72.52 and $79.04 per barrel respectively.
European markets finished mixed as more earnings reports and economic data were in focus.