Commercial ships are pictured offshore in Dubai on March 11, 2026.
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Asia-Pacific markets were poised to fall on Friday as oil prices rebounded on renewed fears that a protracted conflict in the Middle East could further squeeze energy supplies, stoking fears of a global financial meltdown.
Iran’s new Supreme Leader Mojtaba Khamenei said in a speech late Thursday that the Strait of Hormuz, a key artery for global oil trade, must be closed and Tehran could open other fronts in the war if the conflict continues.
The commander of the Iranian Revolutionary Guard Corps navy, Alireza Tangsiri, also doubled down on the threat in a social media post, warning of “severe blows to the aggressive enemy”.
International benchmark Brent crude jumped 9.22% to $100.46 per barrel on Thursday. Brent closed above $100 for the first time since August 2022. US West Texas Intermediate futures rose 9.72% to settle at $95.73.
US President Donald Trump has sought to downplay the rise in oil prices, saying the US, the world’s biggest oil producer, would benefit from higher oil prices, but stressed that his priority was to prevent Iran from obtaining nuclear weapons.
of Australia S&P/ASX 200 It fell 0.3% in early Asian trade.
of Japan Nikki 225 Compared to the index’s previous close of 54,452.96, the futures contract is poised to fall at 53,715 in Chicago and 53,510 in Osaka.
of Hong Kong Hang Seng Index The index is set to open lower, with the index last trading at 25,467, compared to its previous close of 25,716.76.
Overnight in the US, major stock indexes hit their lowest level for 2026, with the Dow Jones Industrial Average falling nearly 740 points to fall below 47,000 for the first time this year.
The S&P 500 lost 1.5% to end the session at 6,672.62, while the Nasdaq Composite ended up 1.8% at 22,311.98.
Futures for the 30-stock Dow were down 0.03%. S&P 500 futures advanced 0.21%, while Nasdaq 100 futures added 0.12%.
Investors are awaiting key US inflation data. Reuters-polled economists expected the PCE price index to be released on Friday to rise 2.9% in January and the core PCE index to accelerate to 3.1%.
(tags to translate)Donald Trump
