A view of the trail of a missile launched from Yemen into Israel is seen in the sky over Hebron, West Bank, on March 28, 2026.
Wissam Hashlamoun Anadolu | getty images
Asia-Pacific markets fell on Tuesday, with South Korea leading the losses, as rising crude prices and the raging Middle East conflict kept investors on edge.
US President Donald Trump on Monday stepped up his threat, saying the US will destroy Iran’s power generation plants, oil wells and Kharg Island if the strategically important Strait of Hormuz remains closed and no peace deal is reached to end the war.
His comments came as the Iran war entered its fifth week and the Trump administration is considering sending ground forces to capture Kharg Island, a key fuel hub that facilitates 90% of Iran’s crude exports.
Shipping traffic through the Strait of Hormuz, through which a fifth of global seaborne oil transited before the conflict, has ground to a near halt since the US and Israel launched attacks on Iran on February 28.
West Texas Intermediate rose 2.8% to $105.8 a barrel. May futures for international benchmark Brent crude rose 2% to $115.17 a barrel.
South Korea’s blue-chip Kospi lost more than 4% in Asia, while the small-cap Kosdaq lost more than 3%. The Korean won fell 0.63% to 1,526.9 against the US dollar, its weakest level since 2009.
from japan Nikkei 225 Fell 2.2% while broad-based topics fell 1.4%.
Australian S&P/ASX 200 Fell 0.56%.
hong kong Hang Seng Index The futures were at 24,683, compared to the index’s last close of 24,750.8.
