Asian Stocks Fall Following US Market Losses and Iran Strikes

Asian stock markets tumbled on Monday while oil prices climbed after Iran launched missiles at Israel and Wall Street ended last week with steep losses.

As of 9:53 am (0053 GMT), Japan’s Nikkei 225 had dropped 3.41 percent to 64,318.06, while South Korea’s Kospi plunged 6.81 percent to 7,604.98.

Oil prices moved higher amid escalating geopolitical tensions. Brent crude gained 2.4 percent to $95.32 a barrel, while West Texas Intermediate rose 2.3 percent to $92.59.

Air raid sirens were activated across Israel on Sunday after the military reported intercepting Iranian missiles, marking the first such attack since an April ceasefire in the Middle East conflict.

Iran’s Revolutionary Guards described the strike as a “warning” following an Israeli attack on Beirut’s southern suburbs earlier that day, and cautioned that any further aggression would trigger broader retaliation.

The regional tensions added to investor concerns after Wall Street suffered sharp declines on Friday, with major US indexes dragged lower by a heavy sell-off in technology shares following a strong rally fueled by artificial intelligence-related investments.