Asian stocks crash as oil prices shoot past $100
Asian stock markets took a big hit on Monday, March 9, 2026 after oil prices shot above $100 a barrel.
Japan's Nikkei 225 dropped over 6%, and South Korea's Kospi fell nearly 7%, even triggering a temporary trading halt for Kospi 200 futures.
Both countries rely heavily on imported oil, so the surge, linked to Middle East tensions and the closure of the Strait of Hormuz, hit especially hard.
US stock futures drop; Trump downplays oil price spike
The shockwaves didn't stop in Asia. US stock futures slid, with the Dow down more than 800 points and tech indexes also slipping.
Oil prices spiked dramatically: Brent crude jumped to $109.40 a barrel, while WTI reached $109.29 a barrel.
President Trump dismissed the spike as a very small price to pay in confronting Iran's nuclear threat.
If tensions persist, Asia could face higher inflation and slower growth. Investors are keeping a close eye on how things unfold from here.