TOKYO, March 30 — Japan’s Nikkei tumbled over five per cent in early trade today and South Korea’s Kospi was down more than four per cent 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 per cent at around 0015 GMT, once again surpassing US$100 (RM401) a barrel to reach US$102.86. Brent climbed 2.95 per cent to US$115.89.
The Nikkei dipped 5.16 per cent and the Kospi was down 4.41 per cent before both indexes recovered slightly.
The speaker of Iran’s parliament, Mohammad Bagher Ghalibaf, accused the United States yesterday 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. — AFP
