Asia-Pacific markets tumble after Iran strikes, oil prices jump by over 8%

Asia-Pacific markets tumbled Monday as the conflict between Iran and U.S.-Israel escalates, following the death of Iranian Supreme Leader Ayatollah Ali Khamenei, raising concerns over energy supplies.

U.S. President Donald Trump said Sunday that combat operations in Iran will continue after three U.S. servicepersons were killed.

Oil futures jumped by over 8%, with West Texas Intermediate futures and Brent last trading at $72.52 and $79.04 per barrel, respectively. Gold futures jumped 2.3% as investors piled into the global safe haven.

Japan’s Nikkei 225 tumbled almost 2% on its open, with the Topix fell 2.1%.

Mitsubishi Heavy Industries, Kawasaki Heavy Industries and IHI, which have defense businesses, rose over 1%.

Australia’s S&P/ASX 200 slipped 0.38% in early trade.

Hong Kong Hang Seng index futures were at 26,465, below the previous close of 26,630.54.

South Korea’s markets were closed for a public holiday.

Stock futures tumbled in overnight trading after the weekend strikes in Iran. Futures on the Dow Jones Industrial Average dropped 517 points, or 1%. S&P 500 futures lost 1% and Nasdaq 100 futures declined a little more than 1%.