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Agence France-Presse

HONG KONG -- Asian markets were mostly down on Friday as the war in the Middle East showed no sign of ending, though there was some reprieve from the surge in oil prices after the United States looked to ease supply concerns.After a torrid week on trading floors, investors were limping into the weekend, wondering when the US-Israel war on Iran, and Tehran&#x27;s attacks across the Gulf region, will come to an end.Equities across the world have been battered by the crisis, which has sent crude prices soaring by about a fifth since February 27 -- the day before the attacks started -- and fanned fears of a fresh spike in inflation that could hit the global economy.While there was a midweek bounce, analysts warned that the longer the conflict goes on, the worse it will be for markets to absorb.&quot;It is too soon to suggest that stocks have bottomed,&quot; wrote IG chief market analyst Chris Beauchamp.&quot;Unless the war ends soon -- and if anything a more intense conflict seems more likely -- markets will struggle. Volatility remains elevated, which means we should expect plenty of two-way price action, but a continued decline for the moment seems likely, even with short-term bounces along the way.&quot;And the battle looks set to be drawn out, with Iranian Foreign Minister Abbas Araghchi warning Thursday that the Islamic republic was neither asking for a ceasefire nor negotiations with the United States.After a fresh selloff on Wall Street, Asia largely followed suit.Sydney, Wellington, Taipei, Manila, Mumbai, Bangkok and Jakarta all retreated while Singapore was flat.Seoul, which was pummelled almost 19 percent over Tuesday and Wednesday before bouncing more than nine percent Thursday, ended flat after recovering an early drop.London, Paris and Frankfurt all opened slightly higher.Investors were growing increasingly worried that the spike in crude prices will push inflation back up and force central banks to re-evaluate plans to cut interest rates, with some analysts warning that they could even contemplate hikes.While Iran has not officially shut off the Strait of Hormuz, shipping through the waterway has all but dried up.Still, there was some reprieve on the oil front as both main contracts eased -- though they later pared the early losses -- after US Interior Secretary Doug Burgum said officials were looking at plans to temper the price gains.He told Bloomberg &quot;everything is being considered&quot;, with options including tapping the country&#x27;s reserves, possibly in tandem with other nations.With that in mind, the White House on Thursday temporarily eased sanctions against Russia to allow its oil currently stranded at sea to be sold to India until April 3.Treasury Secretary Scott Bessent said the waiver was issued &quot;to enable oil to keep flowing into the global market.&quot;Earlier this week US President Donald Trump pledged to protect ships through the Strait of Hormuz, through which a fifth of the world&#x27;s crude supplies and a substantial amount of gas run.Other countries have also moved to address the issue, with China asking its largest oil refiners to suspend exports of diesel and gasoline, according to Bloomberg News.However, prices remain elevated. Brent at one point rose around 19 percent since Friday, while WTI had spiked more than 22 percent, having topped $80 a barrel for the first time since January last year.Chris Weston at Pepperstone added that investors were trading with an eye on possible developments over the weekend.&quot;With volatility at elevated levels, traders face the possibility of a significant gap move in either direction when markets reopen on Monday,&quot; he wrote.&quot;For now, all eyes remain on the weekend news flow and any developments that could determine the next major move in global energy markets,&quot; he added.

Asian markets were mostly down Friday as the war in the Middle East showed no sign of ending, though there was some reprieve from the surge in oil prices after the United States looked to ease supply concerns.

Asian markets were mostly down Friday as the war in the Middle East showed no sign of ending, though there was some reprieve from the surge in oil prices after the United States looked to ease supply concerns.

Most Asian equities drop as Mideast crisis rages, though oil dips

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Most Asian equities drop as Mideast crisis rages, though oil dips

Agence France-Presse

Published Mar 06, 2026 06:10 PM PHT

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Asia

stock markets

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Middle East

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