[US-Iran War] Oil Price Shocks at $100... KOSPI -7.9%, Nikkei -6.6%

by Cha Minyoung

Published 09 Mar.2026 13:42(KST)

Updated 10 Mar.2026 09:23(KST)

Taiwan, Hong Kong, and China Also See Declines

Yonhap News

Following the Iran crisis, international oil prices have surged past the $100 mark, leading to a sharp decline in major Asian stock markets, including Korea, Japan, and Taiwan, on March 9.

As of 1:33 p.m. on this day, Korea’s KOSPI was trading at 5,143.05, down 7.91% from the previous session. The KOSDAQ index also fell 6.04% to 1,084.92. At 10:31 a.m., a circuit breaker (temporary trading halt) was triggered on the KOSPI market. The circuit breaker is activated when the KOSPI falls by more than 8% from the previous day and this decline persists for more than one minute.

Japan’s Nikkei 225 average price index (Nikkei Index) was down 6.6% from the previous session at 51,948.42. The TOPIX index also dropped 5.13% to 3,526.41. Taiwan’s TAIEX lost 5.14%, while the Hong Kong Hang Seng Index fell 2.55%. China’s CSI 300 Index was down 1.65%, and the Shanghai Composite Index was trading 1.13% lower as well.

[US-Iran War] Oil Price Shocks at $100... KOSPI -7.9%, Nikkei -6.6%

As Asian markets opened, crude oil futures prices surpassed $100 per barrel, dampening investor sentiment. West Texas Intermediate (WTI) crude exceeded $100 per barrel for the first time since July 2022, rising 14.85% from the previous session. Brent crude soared about 20% to reach $109 per barrel. Rising oil prices have been cited as a factor increasing the burden on Asian countries, which have a high dependence on energy imports.

The surge in international oil prices was driven by concerns that the war between the United States and Israel and Iran could become prolonged. On this day, Reuters and other outlets reported that Mojtaba Khamenei, the 56-year-old son of deceased Iranian Supreme Leader Ali Khamenei, had been elected as the new Supreme Leader. Mojtaba is known as a hardliner in Iran and is expected to continue a confrontational stance against the United States.

The United States and Israel have continued their attacks since their surprise airstrike on Iran on February 28. In response, Iran has launched retaliatory missile and drone attacks targeting U.S. military bases in the Middle East, aiming to draw the conflict into a protracted war.