TOKYO, Japan — Asian stock markets experienced a massive sell-off on Monday, March 9, 2026, as global oil prices surged past $100 per barrel for the first time in nearly four years. The spike comes as the war in the Middle East—which began on February 28—continues to disrupt critical energy supply chains.
- South Korea: The Kospi index fell sharply by 6.7%.
- Japan: The Nikkei 225 dropped 5.8%, at one point losing more than 6% earlier in the session.
- Philippines: The PSEi sank nearly 4% as investors reacted to the escalating regional conflict.
Energy benchmarks reached levels not seen since the early months of the Russia-Ukraine war in 2022:
- West Texas Intermediate (WTI): Trading at $106.80 per barrel, up 17.4%.
- Brent Crude: Rising 15.65% to $107.20 per barrel.
- Cause: Maritime traffic in the Strait of Hormuz—a chokepoint for 20% of the world’s crude and gas—has effectively halted due to the ongoing hostilities.
- United States: President Donald Trump dismissed the price hike on social media, calling it a “small price to pay” for neutralizing Iran’s nuclear threat. He insisted that the price surge would be temporary and drop rapidly once the conflict is resolved.
- Japan: Prime Minister Sanae Takaichi assured the public that Japan holds emergency oil reserves equivalent to 254 days of consumption. Reports suggest the Japanese government is considering releasing part of these reserves to stabilize the economy.
- Philippines: Economic leaders like BSP Governor Eli Remolona warned that the country faces “dual pressure” from the oil surge and potential risks to remittances from Filipinos in the Middle East.
The sudden economic shock has prompted various governments to implement energy-saving measures, including the adoption of four-day workweeks in several public sectors across the region.
