Asia-Pacific markets fall amid crude oil prices volatility
An image showing missile tracks launched from Yemen towards Israel in the sky over the West Bank city of Hebron, on March 28, 2026.
Wisam Khashlamun | Anatolia | Getty Images
Asia-Pacific markets opened lower on Tuesday as conflicts in the Middle East unnerved investors and crude oil prices continued to rise.
US President Donald Trump stepped up his threat on Monday, saying the US would destroy Iran’s electricity-generating facilities, oil wells and Kharg Island if the strategically vital Strait of Hormuz remains closed and a peace deal to end the war is not reached.
Trump’s remarks come as the Iran war enters its fifth week and the Trump administration is focusing on sending ground forces to capture Kharg Island, a key fuel hub that provides 90% of Iran’s crude oil exports.
Shipping traffic in the Hormuz waterway, through which a fifth of global seaborne oil passed before the conflict, has come to a near standstill since the US and Israel attacked Iran on February 28.
West Texas Intermediate rose more than 3 percent on Monday to settle just below $103 a barrel, breaking above the $100 level for the first time since 2022. May futures contracts of international benchmark Brent crude oil closed at $112.78 per barrel, up 0.19 percent or 21 cents. WTI was last at 105.8, up 2.8%.
of Australia S&P/ASX 200 It was down 0.12% in early Asian trading.
of japan Nikkei 225 fell 0.84% while the broad-based Topix fell 0.57%.
South Korea’s blue-chip Kospi lost 2.4% and the small-cap Kosdaq lost 0.77%.
Hong Kong Hang Seng index Futures were at 24,683 compared to the index’s last close of 24,750.8.
