Japan's Nikkei down more than 5%, S. Korea's Kospi dips over 4%
Japan's Nikkei tumbled over five percent in early trade Monday and South Korea's Kospi was down more than four percent after the price of oil rose again with no end in sight for the war in the Middle East. The price of the main US benchmark for oil, West Texas Intermediate (WTI), was up 3.23 percent at around 0015 GMT, once again surpassing $100 a barrel to reach $102.86. Brent climbed 2.95 percent to $115.89.
The Nikkei dipped 5.16 percent and the Kospi was down 4.41 percent before both indexes recovered slightly. The speaker of Iran's parliament, Mohammad Bagher Ghalibaf, accused the United States on Sunday of plotting a ground attack despite publicly pushing for a negotiated deal, after a US warship with around 3,500 military personnel arrived in the Middle East.
His comments came after more than a month of aerial bombardments of Iran by US and Israeli forces, and as key regional players held talks in Pakistan. The war has escalated into a regional conflagration as Iran has retaliated with attacks on Gulf states and the Strait of Hormuz shipping lane, sending energy markets into a tailspin and threatening the world economy.
