Asia stocks fall for third day, oil steadies as investors watch Iran war [Yahoo! Finance]
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Source: Yahoo! Finance
Asian stock markets fell for a third day in a row on Wednesday while oil prices steadied as investors watch developments in the US-Israel war with Iran. In choppy trade, South Korea's Kospi index was 3.7% lower in early trading after slumping by more than 7% on Tuesday. Japan's Nikkei 225 was about 2.3% lower, while the ASX 200 in Australia was down by 1.5%. Brent crude and US-traded oil prices were both up by around 0.5% in morning trade in Asia after surging for the last two days. The conflict in the Middle East has rattled financial markets and global energy prices have soared this week after vessels near the crucial Strait of Hormuz shipping lane have come under attack. Around a fifth of the world's oil and gas usually flows through the narrow waterway between Iran and the United Arab Emirates (UAE), but traffic has almost entirely halted following Iran's threats to "set fire" to ships. On Tuesday, President Donald Trump said the US Navy will protect ships in the region
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- South Korea's Kospi plunges 8% amid selloff in the region as Middle East war escalates [MSNBC.com]MSNBC.com
- Oil Extends Advance as Traders Weigh US Escort Plan for Hormuz [Yahoo! Finance]Yahoo! Finance