Middle East tensions rattle Asia markets after fresh U.S. strikes in Iran
Asia-Pacific markets fell Thursday while oil prices surged after fresh U.S. strikes in Iran heightened fears of a wider Middle East conflict.
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A man looks at an electronic quotation board displaying stock prices on the Tokyo Stock Exchange in Tokyo on August 2, 2022.
Kazuhiro Nogi | AFP | Getty Images
Asia-Pacific markets fell Thursday as tensions in the Middle East escalated after fresh U.S. strikes in Iran overnight.
A U.S. official told MS NOW on Wednesday that American forces had carried out new strikes targeting a military site believed to threaten U.S. troops and commercial shipping in the Strait of Hormuz.
Kuwait activated its air defenses Thursday in response to what it described as "hostile missile and drone threats," according to a post by the country's armed forces on X.
In a statement carried by Iran's state-affiliated Tasnim news agency, the Islamic Revolutionary Guard Corps said it struck a U.S. air base after a U.S. attack near Bandar Abbas airport.
Oil futures extended early gains. West Texas Intermediate futures for July were 4.03% higher at $92.25 per barrel as of 12:36 a.m. ET. Brent crude futures for July rose 3.92% to $97.99 per barrel.
Major Asia indexes extended early losses. South Korea's Kospi was lower by 3.26%, while the small-cap Kosdaq dropped 5.22%.
Japan's Nikkei 225 fell 1.19%, while the Topix declined 0.81%. Australia's S&P/ASX 200 was 1.51% lower.
China's CSI 300 slipped 0.55%, while Hong Kong's Hang Seng dropped 2.22%.
India's Nifty 50 was marginally lower, while the BSE Sensex was down 0.19%.
