Oil prices jumped more than 4% and Asian equity markets fell sharply on Monday after the United States launched several waves of airstrikes on Iran and Tehran retaliated with an attack on a container ship in the Strait of Hormuz. Brent crude climbed nearly 4% to around $79 a barrel, while US benchmark crude rose by a similar margin to roughly $74.
Iran's Revolutionary Guards declared the Strait of Hormuz closed until further notice, though CENTCOM insisted the waterway remained open to lawful transit. Only six vessels transited the strait on Sunday, the fewest in five weeks. Iran also extended strikes on Qatar and the United Arab Emirates over the weekend.
Losses swept across Asia. Seoul's Kospi tumbled as much as 8.2%, dragged down by SK Hynix, which slumped up to 13% just after raising roughly $26.5 billion through a US depositary share sale. Samsung Electronics also sank. Tokyo's Nikkei and the Shanghai Composite retreated, while US stock futures pointed to a lower open, with S&P 500 and Nasdaq contracts slipping.