The shooting war between the US and Iran just went from simmering to boiling, and global markets are reacting exactly the way you’d expect. Asian equities tumbled, oil prices spiked, and crypto got dragged down with everything else.
The MSCI Asia Pacific Index fell 0.8% as trading floors across the region absorbed the news of fresh military strikes. South Korea’s KOSPI took the hardest hit, plunging more than 3% in a single session, with tech and semiconductor stocks bearing the brunt of the selloff.
Oil prices jump on supply disruption fears
Brent crude surged as much as 2.6%, trading in a range between $79 and $93 per barrel.
The Strait of Hormuz, where this conflict has been centered since the downing of an American helicopter in February 2026, is not some obscure waterway. Roughly a fifth of the world’s oil supply passes through it on any given day.
