Asia stocks mixed amid Iran conflict, oil above $80

March 06, 2026 (MLN): Asian markets traded mixed on Friday as rising geopolitical tensions in the Middle East pushed energy prices higher and investors reacted to overnight declines on Wall Street.

Oil prices surged above the $80 per barrel mark during overnight trading amid concerns that the ongoing Iran conflict could disrupt global energy supplies.

Futures for Brent Crude were last trading at $84.17 per barrel, while West Texas Intermediate crude, which recorded its biggest single-day gain since May 2020 earlier this week, eased 1.94% to $79.44.

Investor sentiment was also pressured by renewed uncertainty over global trade policies in the United States.

Letitia James, the Attorney General of New York, along with prosecutors from 23 other states, filed another lawsuit seeking to block President Donald Trump’s sweeping global tariff framework, according to CNBC.

The legal challenge follows a ruling by the U.S. Court of International Trade that companies were eligible for refunds on tariffs imposed under the Trump administration after those duties were previously struck down by the Supreme Court of the United States.

In Asia, South Korean equities showed mixed performance.

The KOSPI dropped about 1%, reversing part of the strong rally seen in the previous session, which had marked its best day since 2008.

Meanwhile, the small-cap focused KOSDAQ rose 1.52%, while KOSDAQ 150 Futures jumped 6%, triggering a five-minute buy-side trading curb.

Shares of defense manufacturer LIG Nex1 surged more than 15%, made it one of the top performers on the KOSPI.

The rally followed reports from South Korean media that the company’s air defense systems were successfully used to intercept Iranian missiles launched toward the United Arab Emirates.

Japanese markets were relatively stable, with the Nikkei 225 edging up 0.24% after recovering from earlier losses, while the broader TOPIX index remained largely flat.

In Australia, the S&P/ASX 200 declined 1.06%, weighed down by losses in the basic materials sector.

Meanwhile, Hong Kong’s Hang Seng Index gained 1.14%, extending the previous session’s advances, while mainland China’s CSI 300 slipped 0.4%.

Overnight in the United States, all three major stock benchmarks ended lower as concerns about slowing global growth pressured industrial and cyclical shares.

The Dow Jones Industrial Average fell 1.61%, the S&P 500 dropped 0.56%, and the tech-heavy Nasdaq Composite declined 0.26%.

The U.S. sell-off was led by industrial giants including Boeing and Caterpillar, which are considered particularly sensitive to a slowdown in global economic activity.

Rising oil prices and escalating geopolitical tensions continue to keep investors cautious, with markets closely monitoring developments in the Middle East and their potential impact on global trade and energy supplies.

Copyright Mettis Link News

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