Oil Prices Surge After Iran Attacks as Seoul Stock Market Plummets 5%

Asian markets opened the trading week with mixed trends amid escalating attacks in Iran. The South Korean stock market, represented by the KOSPI index, dropped sharply by 5.2%, while oil prices surged significantly. The US Central Command (CENTCOM) announced a new wave of strikes across Iran in response to Iran's missile attacks on ships passing through the Strait of Hormuz, which had restricted freedom of navigation.

Brent crude oil prices rose 4% to $79.00 per barrel, and WTI crude increased 4% to $74.30 per barrel following the military escalation. In Seoul, semiconductor giant SK Hynix's shares plunged 10% despite a strong Nasdaq debut where it jumped 12.8%. SK Holdings, the controlling shareholder, lost 8%, and rival Samsung shares fell 6%.

In Japan, the Nikkei index declined 1.1%, led by a 16.7% surge in retail company Ryohin Keikaku, while robotics and technology firm Yaskawa Electric dropped 14.3%. Japanese banks Mitsubishi Financial and Sumitomo Mitsui Financial each rose 2.8%, with Nomura increasing 1.2%. Meanwhile, Hong Kong's Hang Seng index rose 0.3%, driven by a 5% gain in Chinese chipmaker SMIC and a 5% rise in Alibaba shares.