Commercial ships are pictured offshore in Dubai on March 11, 2026.
– | AFP | getty images
Asia-Pacific markets opened lower on Friday as oil prices rose anew on fears that a prolonged conflict in the Middle East could further squeeze energy supplies, sparking fears of a global economic recession.
Iran’s new supreme leader Mojtaba Khamenei said in a speech late Thursday that the Strait of Hormuz, a vital artery for global oil trade, must remain closed and that Tehran could open other fronts in the war if the conflict continues.
Iranian Revolutionary Guard Corps Navy commander Alireza Tangsiri also doubled the threat social media postWarning of “the harshest blow to the aggressive enemy”.
on speculators Prediction Market Kalshi He bet that the U.S. economy could enter a recession this year, with the probability climbing as high as 32% — its highest level this year.
International benchmark Brent crude jumped 9.22% to close at $100.46 a barrel on Thursday. This was the first time since August 2022 that Brent closed above $100. US West Texas Intermediate futures closed 9.72% higher at $95.73.
US President Donald Trump tried to play down the rise in oil prices, saying that America, as World’s largest oil produceris standing Benefit from high oil pricesEmphasizing that his priority would be to prevent Iran from acquiring nuclear weapons.
Australian S&P/ASX 200 Fell 0.3% in early Asia trading.
from japan Nikkei 225 Fell 2% while broad-based topics fell 1.4%.
South Korea’s blue chip Kospi fell about 3% and the small-cap Kosdaq dropped about 2%.
from hong kong Hang Seng Index The futures were set to open lower with the index last traded at 25,467 compared to its previous close of 25,716.76.
Overnight in the US, major stock indexes hit 2026 lows, with the Dow Jones Industrial Average falling nearly 740 points to below 47,000 for the first time this year.
The S&P 500 ended the session down 1.5% at 6,672.62, while the Nasdaq Composite dropped 1.8% to 22,311.98.
Futures tied to the 30-stock Dow fell 0.03%. S&P 500 futures rose 0.21%, while Nasdaq 100 futures rose 0.12%.
Investors await key US inflation data. Reuters-polled economists expect the PCE price index to be released on Friday will rise 2.9% in January, and the core PCE index is expected to rise 3.1%.