A general view of Tehran with smoke visible in the distance after explosions were reported in the city, on March 2, 2026 in Tehran, Iran.
Contributor | Getty Images
Asia-Pacific markets opened lower on Tuesday, as the conflict in Iran continues to rage on for a fourth day.
Oil prices extended gains after Iran reportedly said it had closed the Strait of Hormuz, with U.S. crude futures up 0.15% to $71.33, while Brent was up 7.14% to trade at $78.07 per barrel.
More than 14 million barrels per day transited via the Strait on average last year, accounting for nearly a third of the world’s overall seaborne crude exports, according to Kpler data.
South Korea’s Kospi dipped almost 2%, but defense players saw massive gains, with Hanwha Aerospace up 11% on open.
Australia’s S&P/ASX 200 started the day down 0.57%, after being one of the few markets on Monday to record a marginal gain.
Japan’s Nikkei 225 extended losses and was down 0.42%, while the Topix dipped 0.76%.
Hong Kong Hang Seng index futures were at 26,109, higher than the HSI’s last close of 26,059.85.
Overnight in the U.S., the S&P 500 inched up 0.04% after rebounding late in the session. The Nasdaq Composite was higher by 0.36%, coming back from a 1.6% loss.
The Dow Jones Industrial Average fell 73.14 points, or 0.15%, settling at 48,904.78. At its lows, the Dow was down nearly 600 points.
—CNBC’s Sean Conlon and Yun Li contributed to this report.