Stocks Tumble as Oil Prices Rise

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Stock markets across Asia plummeted on Monday as investors braced for a fourth week of volatility caused by the ongoing war in the Middle East. Oil prices also rose sharply, with Brent crude nearing $113 per barrel and U.S. gasoline prices climbing to a national average of $3.94 per gallon.

Why it matters

The war in the Middle East has severely disrupted global energy markets, with the Strait of Hormuz - a vital oil and gas shipping route - effectively shut down. This has led to soaring oil and gas prices that are weighing heavily on economies, especially in Asia which is highly dependent on imported energy.

The details

Stocks in South Korea, Japan, Taiwan, China, and Hong Kong all saw significant declines, with the Kospi index in South Korea dropping 6%. Futures on the S&P 500 also pointed to a drop when U.S. markets open. The price of Brent crude oil rose to nearly $113 per barrel, while U.S. gasoline prices climbed to a national average of $3.94 per gallon, up 32% since the start of the war. Diesel prices have increased even more quickly, reaching $5.25 per gallon.

• On Monday, March 23, 2026, stock markets in Asia tumbled.
• On Sunday, March 22, 2026, U.S. gasoline prices continued to climb.