Asian markets fell sharply on Tuesday amid the ongoing war in Iran and the continued closure of the Strait of Hormuz for the third consecutive week, even as mediators arrived in Islamabad for peace talks.
South Korea’s benchmark Kospi index dropped 3.82 per cent, shedding more than 200 points to 5,075.92 as of 01:00 GMT.
Japan’s Nikkei index declined 2.24 per cent before recovering slightly but was still down 0.73 per cent, or 377 points, to 51,507.99.
China’s benchmark FTSE China A50 slipped marginally, falling between five and 10 points, or less than 0.07 per cent, to 14,570.
Meanwhile, US oil benchmark West Texas Intermediate (WTI) rose 1.08 per cent to $103.99 per barrel, crossing the $100 mark for the first time since the war began.
Brent Crude, the international benchmark, climbed 2.23 per cent to $109.78.
The impact of the conflict is also being felt in the US domestic market, where gasoline prices have crossed $4 per gallon (3.78 litres) for the first time in more than three years, according to data from GasBuddy.
Since the start of the war, average US gasoline prices have surged by about $1.06 per gallon, or 36 per cent.
The $4-per-gallon milestone was last seen in August 2022, following Russia’s full-scale invasion of Ukraine.
During his presidential campaign, Donald Trump had promised to bring down gasoline prices and ramp up US oil and LNG production.
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