Asia markets set to open lower as Iran conflict sends oil prices soaring
Smoke rises from an Israeli attack targeting the southern suburbs of Beirut, Lebanon, on March 5, 2026.
Daniel Carde | Getty Images
Asia-Pacific markets fell on Friday, tracking Wall Street’s losses overnight as the Iran conflict sent energy prices higher.
Overnight, oil prices exceeded $80 per barrel, with Brent futures trading at $84.31, up 3.54%. US West Texas Intermediate, which saw its biggest daily gain since May 2020, was last traded down 2% at $79.38.
There was also more uncertainty on the global trade front, following New York Attorney General Letitia James and attorneys general of 23 other states. Once again, a lawsuit has been filed to block President Donald Trump’s global tariff regime.
This comes after the US Court of International Trade ruled on Thursday that companies were entitled to tariff refunds from Trump’s mandates that were struck down by the Supreme Court.
South Korea’s kospi After recording its best day since 2008 in the previous session, it fell once again, falling by 0.87%. However, small-cap Kosdaq extended its gains to 2.45%.
Defensive heavyweight LIG Nex1 surged almost 10% and became one of Kospi’s top gainers after South Korean media reported air defense systems It was used to successfully intercept Iranian missiles launched against the United Arab Emirates.
of japan Nikkei 225 While it dropped 0.24%, Topix saw a larger loss of 0.42%.
Australia’s S&P/ASX 200 index lost 1.09% in early trade, driven by basic materials stocks.
of hong kong Hang Seng index Futures settled at 25,037, below HSI’s last close of 25,321.34.
Overnight in the US, all three major indexes fell, with shares selling led by Boeing, Caterpillar and other names that stand to lose the most if the global economy slows.
The Dow Jones Industrial Average fell 1.61 percent and the S&P 500 fell 0.56 percent. The tech-heavy Nasdaq Composite lost 0.26 percent.
—CNBC’s Sean Conlon and Pia Singh contributed to this report.
