Asia markets set to extend losses as Iran conflict continues

Asia-Pacific markets opened lower on Tuesday as conflict in Iran continued for a fourth day.

Oil prices increased their gains after Iran announced that it was closing the Strait of Hormuz; US crude futures rose 0.15% to $71.33, while Brent rose 7.14% to $78.07 per barrel.

According to Kpler data, last year, on average, more than 14 million barrels of oil passed through the Bosphorus per day; this accounts for almost a third of the world’s total seaborne crude oil exports.

South Korea’s kospi It was down almost 2%, but defenders made big gains; Hanwha Aerospace was up 11% at the opening.

Australia’s S&P/ASX 200 index started the day down 0.57% after being one of the few markets to post marginal gains on Monday.

of japan Nikkei 225 It extended its losses and fell 0.42%, while Topix fell 0.76%.

Hong Kong Hang Seng index Futures settled at 26,109, above HSI’s last close of 26,059.85.

In the US, the S&P 500 index rose 0.04% overnight after recovering towards the end of the session. Nasdaq Composite rose 0.36% after losing 1.6%.

The Dow Jones Industrial Average fell 73.14 points, or 0.15%, to settle at 48,904.78. At its lowest point, the Dow was down nearly 600 points.

—CNBC’s Sean Conlon and Yun Li contributed to this report.