Asia-Pacific Markets Open Mixed as Oil Prices Surge Following Trump's Orders for Strike on Kharg Island

Asia-Pacific stock markets opened with mixed results at the beginning of trading on Monday, 16 March 2026. Fluctuations were driven by investor sentiment regarding rising global crude oil prices and escalating tensions between the United States and Iran.

US crude oil prices surpassed the US$100 per barrel mark as the Trump administration considered military action against Kharg Island near Tehran. Kharg Island is a vital region, described as Iran’s oil lifeline.

Trump ordered strikes against Iranian military assets on Kharg Island on Friday, 13 March 2026. He also warned of further attacks against crude oil facilities located there.

Japan’s Nikkei 225 index weakened by 0.12 per cent. The Topix index likewise recorded a correction of 0.11 per cent.

South Korea’s Kospi index surged 0.95 per cent. The Kosdaq index opened flat.

Australia’s S&P/ASX 200 index fell 0.31 per cent in early trading. Hong Kong’s Hang Seng Index was estimated to open higher at 25,481, up from its previous level of 25,465.6.

US markets on Wall Street appeared sluggish as all three benchmark indices closed in negative territory. The S&P 500 index fell 0.61 per cent to 6,632.19, sitting 5 per cent below its recent highs.

The Nasdaq Composite collapsed 0.93 per cent and closed at 22,105.36. The Dow Jones Industrial Average declined 119.38 points or 0.26 per cent to 46,558.47.