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Oil prices jumped more than three per cent on Wednesday as a sudden escalation in the Middle East crisis triggered new global supply fears.
US and Iranian forces exchanged heavy military strikes following recent attacks on commercial ships in the strategic Strait of Hormuz.
The flare-up strains an interim peace agreement between the two nations, prompting Washington to revoke a temporary sanctions waiver for Iranian oil and target military sites in retaliation for the tanker attacks.
In response, Iran’s Revolutionary Guards launched strikes against dozens of US military facilities in Bahrain and Kuwait, while Iranian state media reported numerous explosions around the strait.
The conflict intensified after Tehran opposed an Omani proposal for a temporary transit corridor designed to bypass Iranian demands for shipping fees.
Analysts warn that Iran is signalling it will reject any alternative to its proposed toll system, which Washington refuses to accept.
The geopolitical tension also rattled global financial markets, compounding a tech sector rout in Asia.
Seoul’s Kospi index plunged over five per cent as investors questioned high AI investments, dragging down industry giants like Samsung and SK Hynix despite strong chip demand forecasts.
While European markets and Tokyo also suffered losses, the US dollar held steady as fears of prolonged inflation raised expectations that the Federal Reserve might hike interest rates.
