Asia's stock markets plunge amid US-Israeli conflict with Iran

"South Korea's KOSPI, the best-performing index this year, saw the biggest losses, plunging about 6.5 percent in afternoon trading. Japan's Nikkei 225 fell 3 percent, while Australia's ASX 200 dropped about 1.5 percent. In China, the SSE Composite Index fell as much as 1.3 percent before making up much of its losses later in the day."

"Airlines, which have cancelled thousands of flights to the Middle East amid the conflict, saw some of the biggest losses, with Korean Air plunging more than 9 percent and Japan Airlines sinking about 6 percent."

"Oil prices soared as much as 13 percent on Monday before easing overnight, with the West Texas Intermediate and Brent North Sea Crude benchmarks up about 1.6 percent and 2.2 percent, respectively, as of 04:00 GMT. The benchmark for European gas prices soared as much as 50 percent on Monday after Qatar's state-owned QatarEnergy announced that it had halted production amid Iranian attacks in the region."

Asian Pacific stock markets suffered steep losses as US-Israeli military operations against Iran and Iranian counterstrikes continued into their fourth day. South Korea's KOSPI index led declines with a 6.5 percent drop, followed by Japan's Nikkei 225 falling 3 percent and Australia's ASX 200 declining 1.5 percent. China's SSE Composite fell 1.3 percent before recovering. Airlines faced particularly severe losses, with Korean Air plunging over 9 percent and Japan Airlines dropping 6 percent due to Middle East flight cancellations. In contrast, US stock markets remained relatively stable, with the S&P 500 closing flat and Nasdaq rising 0.36 percent. Oil prices surged 13 percent initially before moderating, while European gas prices soared 50 percent following QatarEnergy's production halt announcement.

Read at www.aljazeera.com