Most Asia-Pacific markets drop as Iran conflict rages on; oil prices rise

In this articleAsia-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. Got a confidential news tip? We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services.© 2026 Versant Media, LLC.

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