[US-Iran War] Asian Stock Markets Plunge on Trump’s "Final Ultimatum"

Amid growing concerns that U.S. President Donald Trump’s “ultimatum” could further destabilize the Middle East and prolong the stagnation in oil supplies, major Asian stock markets posted a marked decline on March 23.

As of 2:08 p.m. on this day, Korea’s KOSPI was trading at 5,474.94, down 5.3% from the previous session. The KOSDAQ index was also down 4.31%, at 1,111.45. As the KOSPI plummeted, a sell-sidecar was triggered at 9:18 a.m.

Dealing Room at Hana Bank Headquarters, Jung-gu, Seoul on the 23rd. Photo by Yonhap News Agency

Japan’s benchmark stock index, the Nikkei 225, was down 3.21% from the previous trading day, hovering at 51,659.89. During the morning session, the Nikkei fell to as low as 50,688.76, dropping below the 51,000 mark. This represented a decline of nearly 5% from the previous session. The Nihon Keizai Shimbun (Nikkei) reported that, on an intraday basis, this was the lowest level in about three months since December 30 of last year.

The TOPIX index in Japan was also down 3.15% from the prior session, standing at 3,495.74.

Taiwan’s Taiex index dropped 2.33%, while Hong Kong’s Hang Seng index was down 3.26%. China’s CSI 300 index fell 2.3%, and the Shanghai Composite index was trading down 2.68%.

Previously, on March 21, U.S. President Donald Trump warned that unless Iran fully reopened the Strait of Hormuz within 48 hours, he would order strikes to devastate various Iranian power plants. Iran responded by vowing to intensify its blockade of the strait, fueling fears of a wider Middle East war.

International oil prices have also been volatile. The price of Brent crude oil futures, the international benchmark, surged to as high as $114.35 per barrel at 7 a.m. Korea time on March 23, before settling around $112. West Texas Intermediate (WTI) futures similarly rose to $101.50 but then retreated to the $98 range. Goldman Sachs projected that the average price of Brent crude would be $110 per barrel in March and April, and WTI would average $98 in March and $105 in April.

This content was produced with the assistance of AI translation services.