Most Asia-Pacific markets drop as Iran conflict rages on; oil prices rise
Oil prices continue to rise Iran's Revolutionary Guard says it has closed the Strait of Hormuz
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Rocket trails are seen in the sky amid a fresh barrage of Iranian missile attacks above the Israeli coastal city of Tel Aviv on March 3, 2026.
Jack Guez | AFP | Getty Images
Asia-Pacific markets were mostly lower on Tuesday, as the conflict in Iran continues to rage on for a fourth day.
Oil prices extended gains after Iran reportedly said it had closed the Strait of Hormuz, with U.S. crude futures up 1.4% to $72.23, while Brent was up 1.87% to trade at $79.2 per barrel as of 9.49 p.m. ET Monday.
More than 14 million barrels per day transited via the Strait on average last year, accounting for nearly a third of the world's overall seaborne crude exports, according to Kpler data.
South Korea's Kospi dipped fell 3%, dragged by 5%-plus losses in Samsung Electronics and SK Hynix, but defense players saw massive gains, with some stocks up over 20%.
Australia's S&P/ASX 200 was down 1.2%, after being one of the few markets on Monday to record a marginal gain.
Japan's Nikkei 225 extended losses from the prior session and was down 2.29%, while the Topix dipped 2.24%.
Hong Kong Hang Seng index was up 0.3%, bucking the wider downtrend while mainland China's CSI 300 lost 0.5%
Overnight in the U.S., the S&P 500 inched up 0.04% after rebounding late in the session. The Nasdaq Composite was higher by 0.36%, coming back from a 1.6% loss.
The Dow Jones Industrial Average fell 73.14 points, or 0.15%, settling at 48,904.78. At its lows, the Dow was down nearly 600 points.
—CNBC's Sean Conlon and Yun Li contributed to this report.
