Asian stocks fall as oil prices rise following US strikes on Iran
Asian stock markets declined while oil prices advanced after renewed US strikes on Iran heightened concerns over escalating tensions in the Middle East. The market reaction was also influenced by continued weakness in technology shares and growing uncertainty over the global economic outlook.
Investors remained focused on upcoming US inflation data for signals about future Federal Reserve interest-rate decisions, while rising energy prices added to concerns about inflationary pressures and economic growth, News.Az reports, citing The Economic Times.
MSCI Asia Pacific Index fell as selling pressure returned to technology stocks, putting the regional benchmark on track for multiple losses over recent sessions. South Korea's Kospi was among the weakest performers as chipmakers came under pressure.
Crude oil prices moved higher following the latest US military action against Iran, with investors increasingly concerned about potential disruptions to energy supplies. The rise in oil was supported by fears surrounding the Strait of Hormuz, a key route for global oil shipments, as tensions in the region intensified.
The market decline in Asia followed losses on Wall Street, where equities retreated amid geopolitical uncertainty and concerns about inflation. Analysts noted that renewed pressure on technology stocks and higher oil prices could continue to weigh on investor sentiment in the near term.
By Leyla Şirinova
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