Asian shares decline as oil prices soar amid the war in Iran, echoing last week's Wall Street drop
AP News • • business
Key Points:
- Asian stock markets mostly declined on Monday due to concerns over rising oil prices and potential escalation in the U.S.-Iran conflict, following a fifth consecutive losing week on Wall Street.
- Japan's Nikkei 225 fell 4.5%, South Korea's Kospi dropped 3.2%, and other major Asian indices also saw significant losses amid fears of disrupted oil shipments through the Strait of Hormuz.
- Oil prices surged, with U.S. crude rising to $101.92 per barrel and Brent crude reaching $115.45, driven by worries over prolonged conflict and its inflationary impact on global markets.
- On Wall Street, major indexes fell sharply last week, with the S&P 500 down 1.7%, the Dow Jones dropping over 10% from its recent high, and tech stocks like Amazon and Nvidia among the biggest decliners.
- Treasury yields increased, reflecting market uncertainty, while the U.S. dollar slightly weakened against the Japanese yen and euro amid ongoing geopolitical tensions.
