Asia markets open lower as oil surges after U.S. moves to blockade Iran ports
Oil prices surged past $100 after U.S.-Iran talks collapsed and Washington moved toward a naval blockade, setting a cautious tone for Asia markets at the open.
MikeTyes
Debris of a NATO air defence system that intercepted a missile launched from Iran is seen in Dortyol, in southern Hatay province, Turkey, March 4, 2026 in this screengrab from video.
Ihlas News Agency | Via Reuters
Asia-Pacific markets opened lower Monday, as investors weigh a U.S. naval blockade on Iran's ports after talks between Washington and Tehran failed to produce an agreement to end the conflict in the Middle East.
The breakdown of negotiations over the weekend in Islamabad reignited worries that the U.S.-Iran war will last longer than feared, leading to higher oil prices that will continue to strain economies worldwide.
Crude oil prices surged on Sunday after the talks ended without an agreement and the U.S. moved toward a blockade of Iranian port traffic. The West Texas Intermediate jumped 8.56% at $104.84 per barrel as of 8:01 p.m. ET. Brent crude gained 8.61% at $103.38 per barrel.
U.S. President Donald Trump has reportedly weighed resuming airstrikes on Iran, according to the Wall Street Journal. Trump last week agreed to a two-week ceasefire on Tuesday in exchange for Tehran allowing ships to pass through the strait. He had previously threatened to bomb every bridge and power plant in Iran.
Japan's Nikkei 225 fell 0.84%, while the Topix slipped 0.42%. South Korea's Kospi was 1.83% lower, while the small-cap Kosdaq declined 1.43%. In Australia, the S&P/ASX 200 was 0.74% lower.
Hong Kong Hang Seng index futures stood at 25,964, compared with the index's last close of 25,893.54.
Overnight on Wall Street, Dow Jones Industrial Average futures dropped by 517 points, or 1.1%. S&P 500 futures lost 1.1% and Nasdaq 100 futures shed 1.2%.
— CNBC's Sarah Min and Spencer Kimball contributed to this report.
