Asian Stock Markets Plummet as Oil Prices Surge Towards 120 US Dollars

Asian stock markets collapsed during Monday trading (9 March 2026) following a sharp surge in global oil prices that approached 120 US dollars per barrel. This increase marked the largest daily oil price rise in nearly 40 years.

The most severe pressure was evident in South Korea. The Kospi index triggered a circuit breaker for the second time in four trading sessions after plummeting over 8 per cent. Trading was halted for 20 minutes beginning at 10:31 local time. At the close of trading, the index recorded a decline of 8.58 per cent.

Large-capitalisation stocks were also swept along in the selloff. Samsung Electronics fell more than 10 per cent, whilst semiconductor manufacturer SK Hynix plummeted 12.3 per cent.

According to CNBC, the surge in global oil prices today was the primary driver of pressure in the region’s financial markets. Brent crude oil surged 26.1 per cent to 116.08 US dollars per barrel. Meanwhile, West Texas Intermediate (WTI) crude oil from the United States jumped 27.6 per cent to 116.03 US dollars per barrel.

According to LSEG data, this increase represented the largest daily oil price rise since the end of 1988.

Market pressure also extended to Japanese stock exchanges. The Nikkei 225 index fell 7.05 per cent and dropped below the 52,000 level for the first time since January. Meanwhile, the Topix index weakened 5.36 per cent.

SoftBank Group was among the stocks experiencing the steepest declines with a fall exceeding 11 per cent. Semiconductor-related company stocks such as Advantest and Lasertec also fell by more than 13 per cent and 11 per cent respectively.

In China, market weakness was relatively more modest. The Hang Seng index in Hong Kong fell 2.75 per cent, whilst the CSI 300 index on mainland China weakened 1.65 per cent.

In the United States, stock index futures also moved lower in line with the oil price surge. Dow Jones Industrial Average futures fell over 800 points, approximately 1.75 per cent. Meanwhile, S&P 500 futures declined 1.59 per cent and Nasdaq-100 futures weakened 1.6 per cent.

US President Donald Trump characterised the short-term oil price increase as a minor consequence of military action against Iran. Through his Truth Social platform, Trump stated that the short-term oil price increase represented a “very small price to pay” to destroy the threat of Iran’s nuclear programme. “Only a fool would think otherwise!” Trump wrote in his post.