In Tehran, Iran, March 8, 2026, a fire breaks out at the Shahran oil depot after a US-Israeli attack, disabling numerous fuel tankers and vehicles in the area.
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Korean Kospi It triggered a circuit breaker for the second time in four sessions on Monday, leading to a broad regional decline as oil prices approached $120 a barrel for the first time since 2022.
The index plunged more than 8% and trading was halted for 20 minutes starting at 10:31 a.m. local time. Major Samsung Electronics fell more than 10%, and semiconductor giant SK Hynix fell 11.6%.
The circuit breaker was triggered last week when the benchmark fell more than 12% on Wednesday, its worst single-day decline.
brent futures It soared 27.78% to $119.04. US West Texas Intermediate Crude Oil Futures It jumped 30% to $118.46. The 30% rise in oil prices is the biggest single-day increase since late 1988, according to LSEG data.
The surge came as major Middle East oil producers including Kuwait, Iran and the United Arab Emirates cut production following the closure of the Strait of Hormuz.
Japanese Nikkei Stock Average fell 6.48%, falling below the 53,000 level for the first time since February 6, and TOPIX fell 5.8%.
SoftBank Group Corp. was one of the biggest losers in the index, falling more than 11%, while Advantest and laser tech They also fell by more than 10% and 9%, respectively.
australian S&P/ASX 200 It fell by 4.15%.
Hong Kong Hang Seng Index China’s CSI300 fell by 2%.
However, US President Donald Trump wrote on Truth Social that a rise in “short-term oil prices” is a “very small price” for defeating Iran’s nuclear threat.
“Only a fool would think otherwise!” Trump added.
U.S. stock futures also fell due to the rise in oil prices, with the Dow Jones Industrial Average futures dropping more than 800 points, or 1.75%.
S&P 500 futures fell 1.59% and Nasdaq 100 futures fell 1.6%.
—CNBC’s Spencer Kimball contributed to this report.
