HONG KONG, March 4 (AFP): Asian equity markets plunged again Wednesday while oil extended gains as the United States and Israel pressed on with their war on Iran, with investors growing fearful about a surge in inflation and the impact on the global economy.
As the joint strikes on the Islamic republic moved into a fifth day, observers warned that the continued choking of crude supplies from the Middle East would continue to push prices higher and deal a blow to hopes for any more monetary easing.
US President Donald Trump pledged that if needed, the navy would escort oil tankers through the Strait of Hormuz -- through which about a fifth of global oil supplies flow -- and ordered Washington to provide insurance for shipping.
That provided some relief to traders and pared a rally in prices Tuesday.
However, Iranian strikes on several neighbours threatened to broaden the conflict, while uncertainty about how long the war would go on and news that some oil fields in the region had been closed continued to put upward pressure on the commodity.
Both main oil contracts rose around one percent Wednesday.
West Texas Intermediate has soared 12 percent to more than $75 since last Friday, before the attacks began, while Brent is up more than 13 percent to sit above $82.
With some warning that they could top $100 a barrel, equity markets are taking a pounding.
Asian stocks tumble further
FE Team | Published: March 04, 2026 22:32:26 | Updated: March 04, 2026 22:34:48
Asian stocks tumble further
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