Hearth breaks out on the Shahran oil depot after U.S. and Israeli assaults, leaving quite a few gas tankers and automobiles within the space unusable in Tehran, Iran, on March 8, 2026.
Anadolu | Anadolu | Getty Pictures
South Korea’s Kospi triggered its second circuit breaker in 4 periods on Monday, main a broader regional sell-off as oil costs neared $120 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 document its worst single-day decline.
Brent futures spiked 27.78% to $119.04, whereas U.S. West Texas Intermediate crude futures jumped 30% to $118.46. The 30% leap in oil costs is the biggest in the future achieve since late 1988, in line with LSEG information.
The surge comes after main Center Jap oil producers, together with Kuwait, Iran and the United Arab Emirates, lower oil manufacturing following the closure of the Strait of Hormuz.
Japan’s Nikkei 225 tumbled 6.48%, falling under 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 resembling Advantest and Lasertec was additionally down over 10% and 9%, respectively.
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 risk.
“Solely fools would assume otherwise!” 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.
