Hearth breaks out on the Shahran oil depot after U.S. and Israeli assaults, leaving quite a few gasoline tankers and autos within the space unusable in Tehran, Iran, on March 8, 2026.
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South Korea’s Kospi triggered its second circuit breaker in 4 periods on Monday, main a broader regional sell-off as oil costs breached $110 per barrel for the primary time since 2022.
The index plunged over 8%, triggering a 20 minute suspension in buying and selling from 10.31 a.m. native time. Heavyweight Samsung Electronics plunged greater than 10%, whereas chip counterpart SK Hynix shed 11.6%.
A circuit breaker was activated final week when the benchmark tumbled greater than 12% Wednesday to file its worst single-day decline.
Japan’s Nikkei 225 tumbled 6.48%, falling beneath the 53,000 mark for the primary time since Feb. 6, whereas the Topix was down 5.8%.
Softbank Group Corp was among the many largest losers on the index, falling over 11%, whereas chip-related shares reminiscent of Advantest and Lasertec was additionally down over 10% and 9%, respectively.
Brent futures spiked 23.38% to $114.30, whereas U.S. West Texas Intermediate crude futures rose 26.35% to $114.85.
The surge comes after main Center Japanese oil producers, together with Kuwait, Iran and the United Arab Emirates, reduce oil manufacturing following the closure of the Strait of Hormuz.
Australia’s S&P/ASX 200 fell 4.15%.
Hong Kong Hold Seng index additionally fell 3%, whereas the CSI 300 on mainland China was down 2%.
U.S. President Donald Trump, nonetheless, posted on Fact Social {that a} achieve in “quick time period oil costs” was a “very small value to pay” for destroying Iran’s nuclear menace.
“Solely fools would suppose in a different way!” Trump added.
U.S. inventory futures additionally tumbled on greater oil costs, with Dow Jones Industrial Common futures down over 800 factors or 1.75% decrease.
S&P 500 futures had been down 1.59%, whereas Nasdaq-100 futures slid 1.6%.
— CNBC’s Spencer Kimball contributed to this report.
