South Korea Financial Markets

A screen shows the Korea Composite Stock Price Index (KOSPI) at a dealing room of Hana Bank in Seoul, South Korea, Wednesday, July 8, 2026.

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Oil prices jump more than 3% after US strikes on Iran, while shares in Asia are mixed

Oil prices jump more than 3% after US strikes on Iran, while shares in Asia are mixed

Asian shares are mixed and oil prices have surged more than 3% after the U.S. launched strikes on Iran. Shares in Japan and South Korea fell following a retreat on Wall Street as the AI roller-coaster took tech shares sharply lower. On Tuesday, the S&P 500 fell 0.4% even though the majority of stocks within the index rose. The downturn for artificial-intelligence-related stocks dragged the Nasdaq composite down 1.2%. The Dow Jones Industrial Average dipped 0.2%. AI stocks worldwide have been swinging because of worries their prices have shot too high. Stocks also felt pressure from rising oil prices. The latest strikes on Iran followed attacks on three ships in the Strait of Hormuz.