Asian stock markets opened lower, following Wall Street's lead, amid concerns that a war in the Middle East would push oil prices up 8%.

Asian stock markets opened lower as tensions in the Middle East entered their sixth day, driving up oil prices and impacting energy shipments through the Strait of Hormuz.

March 6, 2569 Asian stock markets opened mostly lower on Thursday, March 6. Following the downward trend of the US Wall Street stock market last night, amid investor concerns about the escalating conflict in the Middle East, now in its sixth day, this tension has driven global oil prices higher. This has raised worries in financial markets about potential inflationary pressures and created uncertainty regarding the Federal Reserve's (Fed) monetary policy, particularly whether interest rate cuts might be postponed.

In the morning trading session, Japan's Nikkei index opened at 54,674.60 points, down 603.46 points or 1.09%. China's Shanghai Composite index opened at 4,085.90 points, down 22.67 points or 0.55%. Hong Kong's Hang Seng index opened slightly higher at 25,358.56 points, up 37.22 points or 0.15%, amid speculative buying in certain industry sectors.

In the same region, South Korea's KOSPI index fell by about 1.9%, while Australia's S&P/ASX 200 index dropped by around 1.27%, pressured by declines in basic materials and resources stocks, which were affected by commodity market volatility and global economic uncertainty.

A major pressure currently affecting global financial markets is the sharp rise in oil prices. WTI crude oil prices jumped more than 8% in Thursday's (March 5th) trading after the conflict in the Middle East impacted energy production and transportation in the region. Some major oil producers are facing export restrictions and have been forced to reduce production.

The report indicates that Iraq, the second-largest crude oil producer in the Organization of Petroleum Exporting Countries (OPEC), has cut production by nearly 1.5 million barrels per day due to some export routes being restricted by the unrest. Meanwhile, Qatar, one of the world's largest exporters of liquefied natural gas (LNG), declared force majeure on Wednesday, stating that a return to normal production and export levels could take at least a month.

Furthermore, data from energy shipping tracking companies Vortexa and Kpler indicates that around 300 oil tankers are stranded in the Strait of Hormuz after both inbound and outbound shipping was disrupted by the escalating conflict in the region. The Strait of Hormuz is a crucial strategic route for global energy trade, as approximately 20% of global oil consumption is transported through it.

Analysts believe that if the conflict continues and energy transportation through the Strait of Hormuz cannot return to normal, the global energy market could face increased tightness. This would not only affect oil prices but could also impact inflation, the global economy, and the monetary policy direction of several central banks in the coming period.

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