Strikes on Iran Cause Sharp Drop in Asian Stock Markets

The US and Israeli strikes on Iran have caused a sharp drop in Asian stock markets, sending them into the red. Investors are concerned about rising prices for oil, gasoline, airfare, and commodities worldwide. The main Asian stock index fell 1%.

Discussing countries individually: Hong Kong's major stock index fell by 2%, South Korea's by 2.5%, and Japan's by 1.5%. The suspension of shipping through the Strait of Hormuz poses particular risks.

Minoru Kihara, Japan's Chief Cabinet Secretary:

"The Ministry of Land, Infrastructure, Transport and Tourism recommends that the Japan Shipping Association make every effort to ensure the safety of crews and vessels in the area and steer clear of the Persian Gulf. Those already there should anchor. The Japanese Foreign Minister met with the Iranian ambassador and directly offered to ensure the security of the Strait of Hormuz. Peace and stability in the Middle East, including energy security, are of the utmost importance to Japan."

The Pentagon reports that shipping in the Strait of Hormuz remains normal. However, according to media reports, six ships have already been struck in the area. The IRGC warned that it is prepared to burn any vessel attempting to transit, as Iran will not allow "a single drop of oil to leave the region."