Asia Stocks Slump, Oil Rises as Markets Track Iran War

Asian stock markets fell for a third consecutive day on Wednesday as investors monitor the US-Israel conflict with Iran. South Korea's Kospi index suffered a significant drop of 12% after temporary trading suspension, while other Asian indices also experienced declines. Oil prices surged by 2.8% in Asia afternoon trade following two days of increases. The Middle East conflict has caused financial market instability and global energy price hikes this week due to attacks on vessels near the Strait of Hormuz. South Korea's Kospi index closed 12% lower, with Japan's Nikkei losing 3.6%. Hong Kong's Hang Seng and Shanghai Composite indices also declined.