A view of the trail of a missile launched from Yemen into Israel is seen in the sky over Hebron, West Bank, on March 28, 2026.
Wissam Hashlamoun | Anadolu | getty images
Asia-Pacific markets were set to fall on Tuesday as conflict in the Middle East unsettled investors and crude oil prices continued to rise.
US President Donald Trump on Monday stepped up his threat, saying the US will destroy Iran’s power generation plants, oil wells and Kharg Island if the strategically important Strait of Hormuz remains closed and no peace deal is reached to end the war.
His comments came as the Iran war entered its fifth week and the Trump administration is considering sending ground forces to capture Kharg Island, a key fuel hub that facilitates 90% of Iran’s crude exports.
Shipping traffic through the Strait of Hormuz, through which a fifth of global seaborne oil transited before the conflict, has ground to a near halt since the US and Israel launched attacks on Iran on February 28.
West Texas Intermediate rose more than 3% on Monday to just below $103 a barrel, moving above the $100 level for the first time since 2022. May futures for international benchmark Brent crude settled 0.19%, or 21 cents, higher at $112.78 a barrel.
Australian S&P/ASX 200 Fell 0.30% in early Asia trading.
from japan Nikkei 225 The Chicago futures contract was at 51,100 and the Osaka futures contract was at 51,010, while the index’s previous close was 51,885.85.
hong kong Hang Seng Index The futures were at 24,683, compared to the index’s last close of 24,750.8.
