Asian stock markets faced widespread losses, led by a steep selloff in South Korea, as technology shares suffered renewed pressure. The declines came alongside a surge in crude oil prices following a fresh flare-up between the United States and Iran that threatened their fragile truce. The Kospi index in Seoul tanked more than 5 per cent, dragged down by a 10 per cent plunge in market heavyweight SK hynix. The chip titan extended a recent selling bout that erased about a third of its value since last month's record high, despite its New York debut soaring nearly 13 per cent after a record $26.5 billion share sale. Rival Samsung dropped over 6 per cent. Technology stocks also fueled a 1.1 per cent decline in Tokyo's Nikkei 225, where Advantest and Tokyo Electron each sank more than 1 per cent. Additional equity losses were recorded in Shanghai, Singapore, Wellington, and Jakarta, though Hong Kong, Taipei, and Manila bucked the trend to rise.&nbsp;<a href="https://www.wionews.com/videos/asian-markets-slide-as-west-asia-conflict-escalates-1783921345093/embed">https://www.wionews.com/videos/asian-markets-slide-as-west-asia-conflict-escalates-1783921345093/embed</a>&nbsp;&nbsp;The equity market volatility stems from weeks of concerns regarding stretched tech valuations, questions over vast investments in the AI sector, and fresh fears that war-fueled inflation could force central banks to hike interest rates. Simultaneously, both main oil contracts spiked up to 4.5 per cent after renewed West Asia fighting. Following an Iranian attack on a commercial ship, Iran's Revolutionary Guards stated the crucial Strait of Hormuz would be closed until further notice, though US CENTCOM countered that the waterway remains open. West Texas Intermediate jumped 4.3 per cent to $74.49 a barrel, while Brent North Sea Crude rose 4.2 per cent to $79.21 a barrel.&nbsp;Also read: <a href="https://www.wionews.com/world/us-launches-fresh-strikes-on-iran-as-tehran-warns-countries-aiding-washington-oil-prices-jump-1783903702182">US launches fresh strikes on Iran as Tehran warns countries aiding Washington; oil prices jump</a>&nbsp;On currency markets, safe-haven buying and bets on a Federal Reserve rate hike boosted the US dollar, which rose against the euro, pound, and yen. Investors are now shifting focus to the upcoming earnings season for insights into the AI industry's outlook, awaiting reports from semiconductor giants TSMC and ASML, alongside major Wall Street banks, including JP Morgan, Bank of America, and Goldman Sachs.

Asian equity markets tumbled, led by a sharp 5.6% drop in South Korea’s Kospi, while international crude benchmarks jumped over 4% toward $79 a barrel following heavy tit-for-tat airstrikes between the US military and Iran's IRGC over control of the Strait of Hormuz.

Asian stock markets faced widespread losses, led by a steep selloff in South Korea, as technology shares suffered renewed pressure. The declines came alongside a surge in crude oil prices following a fresh flare-up between the United States and Iran that threatened their fragile truce. The Kospi index in Seoul tanked more than 5 per cent, dragged down by a 10 per cent plunge in market heavyweight SK hynix. The chip titan extended a recent selling bout that erased about a third of its value since last month's record high, despite its New York debut soaring nearly 13 per cent after a record $26.5 billion share sale. Rival Samsung dropped over 6 per cent. Technology stocks also fueled a 1.1 per cent decline in Tokyo's Nikkei 225, where Advantest and Tokyo Electron each sank more than 1 per cent. Additional equity losses were recorded in Shanghai, Singapore, Wellington, and Jakarta, though Hong Kong, Taipei, and Manila bucked the trend to rise. https://www.wionews.com/videos/asian-markets-slide-as-west-asia-conflict-escalates-1783921345093/embed The equity market volatility stems from weeks of concerns regarding stretched tech valuations, questions over vast investments in the AI sector, and fresh fears that war-fueled inflation could force central banks to hike interest rates. Simultaneously, both main oil contracts spiked up to 4.5 per cent after renewed West Asia fighting. Following an Iranian attack on a commercial ship, Iran's Revolutionary Guards stated the crucial Strait of Hormuz would be closed until further notice, though US CENTCOM countered that the waterway remains open. West Texas Intermediate jumped 4.3 per cent to $74.49 a barrel, while Brent North Sea Crude rose 4.2 per cent to $79.21 a barrel. Also read: US launches fresh strikes on Iran as Tehran warns countries aiding Washington; oil prices jump On currency markets, safe-haven buying and bets on a Federal Reserve rate hike boosted the US dollar, which rose against the euro, pound, and yen. Investors are now shifting focus to the upcoming earnings season for insights into the AI industry's outlook, awaiting reports from semiconductor giants TSMC and ASML, alongside major Wall Street banks, including JP Morgan, Bank of America, and Goldman Sachs.

Asian equity markets tumbled, led by a sharp 5.6% drop in South Korea’s Kospi, while international crude benchmarks jumped over 4% toward $79 a barrel following heavy tit-for-tat airstrikes between the US military and Iran's IRGC over control of the Strait of Hormuz.

Asian stock markets suffer losses led by Seoul; oil spikes 4% on US-Iran hostilities

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Asian stock markets suffer losses led by Seoul; oil spikes 4% on US-Iran hostilities