Asian markets today: Asian markets declined on Tuesday, March 31, as surging crude oil prices and the escalating Middle East conflict kept investor sentiment fragile.
South Korea’s Kospi fell more than 4%, while the small-cap Kosdaq declined over 3%. The South Korean won weakened 0.63% to 1,526.9 against the US dollar, marking its lowest level since 2009.
Japan’s Nikkei 225 dropped 2.2%, while the broader Topix slipped 1.4%.
Australia’s S&P/ASX 200 fell 0.56% on Tuesday. Meanwhile, futures for Hong Kong’s Hang Seng stood at 24,683, compared with its previous close of 24,750.8.
Back home, the Indian stock market will remain closed for trading on Tuesday on account of Mahavir Jayanti 2026.
US-Iran war
Donald Trump intensified his warning on Monday, saying that the US could target Iran’s power infrastructure, oil fields, and Kharg Island if the strategically crucial Strait of Hormuz remains blocked and no peace agreement is reached to end the conflict.
His comments came as the war with Iran entered its fifth week, with the Trump administration reportedly considering deploying ground forces to capture Kharg Island — a key energy hub that handles about 90% of Iran’s crude exports.
He further warned that if an agreement was not reached—including reopening the critical Strait of Hormuz shipping route—US forces would target and destroy “all of their electric power plants, oil wells, and Kharg Island, and potentially even desalination facilities.”
Shipping activity through the Strait of Hormuz, which previously accounted for nearly a fifth of global seaborne oil trade, has come to a standstill since the US and Israel launched strikes on Iran on February 28.
Amid the escalating tensions, West Texas Intermediate crude rose 2.8% to $105.8 per barrel, while Brent crude futures for May climbed 2% to $115.17 per barrel.
US stock market today
Overnight in the US, the declined 0.39% to close at 6,343.72, marking its third straight session of losses, while the Nasdaq Composite dropped 0.73% to settle at 20,794.64. In contrast, the Dow Jones Industrial Average bucked the trend, edging up 0.11% to 45,216.
US stock futures were largely flat, with S&P 500 futures slipping less than 0.1%, Nasdaq 100 futures easing 0.1%, and Dow Jones Industrial Average futures rising by 23 points, or under 0.1%.
The pullback in equities came despite Jerome Powell stating that the inflation outlook remains under control despite higher energy prices, and that the Federal Reserve does not need to respond with further interest rate hikes.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.