Revision History

Asian stock markets suffered their steepest single-day losses since early March on Monday as President Trump's 48-hour ultimatum threatening to "obliterate" Iran's power plants sent investors fleeing risk assets across the region. South Korea's KOSPI plunged 6.5%, Japan's Nikkei fell 3.5%, and Hong Kong's Hang Seng dropped over 4%, with oil prices surging past $113 per barrel as the Strait of Hormuz—through which 80% of Asia's oil imports transit—remains effectively closed entering its fourth week of conflict.