Asian equities tumble as oil climbs above $108 amid US-Iran tensions
Asian stock markets fell on Friday, mirroring Wall Street losses, while Brent crude rose above $108 a barrel as geopolitical strains between the United States and Iran intensified.
Friday saw a coordinated drop in Asian equity markets, echoing a fourth consecutive decline on Wall Street; Japan's one outlet 225 fell 2.8%, South Korea's Kospi slipped 2.3%, and Hong Kong's Hang Seng lost 0.8%. Energy prices surged, with Brent crude trading at $108.59 a barrel, its strongest level since May, driven by escalating U.S.-Iran tensions that have kept oil flow through the Strait of Hormuz well below pre-conflict volumes.
SoftBank Group, a key investor in OpenAI, saw its stock tumble 4.1%, while Samsung Electronics and SK Hynix each fell near 4%. In contrast, Chinese AI chipmaker Enflame jumped about 180% on its first day of trading in Shanghai. U.S. Treasury yields rose, with the 10-year note reaching 4.96%, and the dollar slipped to 154.35 yen. Investors also awaited upcoming U.S. CPI data ahead of the Federal Reserve's next meeting.
How this was covered
- Left-leaning outlets covered this 2h later
Why it matters
The slide in Asian markets and rising oil prices signal heightened global economic risk from geopolitical tensions.
How this story developed
- Jul 20 U.S. and Iran intensify air strikes over Strait of Hormuz, diplomacy stalls
- Sep 3 Iran's army claimed radar systems and locations where American forces were stationed at the UAE's Al Minhad Air Base were attacked with missiles and drones.
- Sep 4 Iran has begun testing methanol as an oxygenate in its gasoline blend.
- Sep 4 The United Arab Emirates announced a full stop to commercial and financial dealings with Iran.
- Sep 4 Iran announced missile and drone attacks on U.S. bases in Kuwait and the United Arab Emirates.
- Sep 5 Republican committees have filed a petition with the Supreme Court challenging the Fourth Circuit ruling.
- Sep 5 U.S. forces hit launchers on Larak Island and Iran fired ballistic missiles at U.S. sites in Jordan and the United Arab Emirates.
- Sep 5 Vance publicly downplayed the reported civilian deaths from the alleged strike.
- Sep 5 Eyewitnesses said the explosions shattered the wedding celebration in Kuhestak.
- Sep 7 GasBuddy released a forecast predicting a $4.03 average gasoline price for the Labor Day weekend.
- Sep 7 Brent crude climbed to about $97 a barrel as US‑Iran clashes intensified, and analysts said gasoline prices may ease in October with the shift to winter‑grade fuel.
- Sep 9 The Islamic Revolutionary Guard Corps said it will soon publish coordinates for a new restricted sea zone stretching from Chabahar into the Gulf of Oman and Arabian Sea, affecting vessels that enter or later attempt the Strait of Hormuz.
- Sep 10 Iran announced the zone will begin around Chabahar and cover parts of the Gulf of Oman and Arabian Sea.
- Sep 11 Fed minutes revealed a 9‑3 vote to keep rates near 3.6% and a drop in market odds for a September hike to about 67%.
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