HONG KONG, March 9, 2026 (BSS/AFP) - Asian stock markets plunged Monday as oil prices soared 30 percent on fears about supplies from the Middle East as the US-Israeli war against Iran continued into a second week with no sign of letting up. He added at the weekend that the spike in prices was a "small price to pay" to eliminate Iran's nuclear threat, reiterating the White House's insistence that the rise is temporary. That came with maritime traffic in the Strait of Hormuz -- through which a fifth of global crude and gas passes -- halted since the war began on February 28. With the prospect of the global economy taking a blow from the crisis, equity markets extended last week's losses. Compounding the downbeat mood was news Friday that the US economy unexpectedly lost jobs in February, while unemployment edged up.

Source: Bangladesh Sangbad Sangstha March 09, 2026 03:12 UTC