Asian Stock Markets Collapse as Global Oil Prices Surge Sharply

Asian-Pacific stock markets collapsed sharply at the opening of trading on Monday, 9 March 2026, driven by broader selling pressure amid a rapid surge in global oil prices to levels not seen since 2022. The correction was led by benchmark indices in South Korea and Japan as crude oil prices climbed above US$100 per barrel following production cuts announced by major Middle Eastern oil-producing nations, including Kuwait, Iran, and the United Arab Emirates, in response to the closure of the Strait of Hormuz.

US crude oil (West Texas Intermediate) surged nearly 17.7 per cent to US$107.02 per barrel, whilst Brent crude jumped 16.1 per cent to US$107.61 per barrel.

However, US President Donald Trump asserted that the price increase would be temporary and constituted a small price to pay for averting Iran’s nuclear threat. “Only fools would think otherwise,” Trump posted on his Social Truth platform, cited by CNBC International on 9 March 2026.

Japan’s Nikkei 225 index fell approximately 6.05 per cent, breaking below the 53,000 mark for the first time since 6 February 2026. The Topix index declined 5.27 per cent. SoftBank Group Corporation was among the largest losers, shedding nearly 10 per cent, whilst chip-related stocks such as Advantest and Lasertec recorded losses exceeding 10 per cent and 9 per cent respectively.

South Korea’s Kospi index plummeted approximately 6.5 per cent, triggering a trading halt. This represented the second circuit-breaker activation within a week; the previous halt occurred on Wednesday, 4 March 2026, when the index fell more than 12 per cent. Samsung Electronics lost 8.4 per cent, whilst chipmaker SK Hynix recorded a sharp decline of 9.2 per cent.

Australia’s S&P/ASX 200 index weakened 3.68 per cent at the opening of trading, whilst Hong Kong’s Hang Seng index fell to 25,328 from its previous level of 25,757.29.