TOKYO, March 23 (Bernama-dpa) -- Asian markets opened sharply lower on Monday following an ultimatum from US President Donald Trump to Iran, reported Geman Press Agency (dpa).
Japan's Nikkei 225 fell around 5 per cent at the open after Friday's holiday break. South Korea's KOSPI also opened down around 5 per cent, while Hong Kong's Hang Seng index dropped about 2.8 per cent. China's CSI-300 index, which tracks major mainland stocks, slipped 1.4 per cent at the start of trading.
Oil prices have been heavily affected by developments in the Iran crisis. Brent crude, the European benchmark, remained well above US$100 per barrel, trading around US$112, more than 50 per cent higher than before the start of the US-Israeli strikes on Iran.
Over the weekend, Trump warned Iran's leaders that energy facilities would be destroyed unless the country fully reopened the Strait of Hormuz within 48 hours "without threat". Tehran responded by threatening to fully close the strategically vital waterway for global oil shipments.
Shipping through the Strait of Hormuz has already been significantly disrupted amid the ongoing war.
Since Israel and the United States launched a bombing campaign against Iran at the end of February, Tehran has carried out repeated strikes on vessels in the region, though some ships have continued to pass through.
-- BERNAMA-dpa
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