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Mon, 23 Mar 2026

Mon, 23 Mar 2026 Asia stocks slide as US and Iran threaten to intensify war

The International Energy Agency chief said the war could lead to the world's worst energy crisis in decades.

* Asian stock markets plummeted, with Japan's Nikkei 225 index down by 3.4% and South Korea's Kospi falling almost 5%.
* The Iran-US conflict enters its fourth week, with tensions escalating as both sides threaten more hostilities.
* US President Trump warned that he would attack Iranian power plants if the Strait of Hormuz isn't opened within 48 hours.
* Iran vowed to retaliate against key infrastructure in the region, including energy facilities, if attacked by the US.
* The conflict has disrupted global oil supplies, pushing up fuel prices and causing shortages, with over 20% of the world's oil passing through the Strait of Hormuz.
* International Energy Agency chief Fatih Birol warned that the crisis could be one of the worst in decades, comparing it to those of the 1970s and Russia's invasion of Ukraine.
* Global oil prices remained steady, but markets in Asia continued to slide, with Hong Kong's Hang Seng down by 2.5% and Taiwan's Weighted Index losing 2%.
* The UK government stated that reopening the Strait of Hormuz is crucial for maintaining energy market stability.