Oil prices surged about 2% after US strikes on Iran, while Asian stock markets showed mixed results. This was reported by Qazaqyia.kz citing Associated Press.
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. (AP Photo/Lee Jin-man)
Oil prices jumped on Wednesday after the US launched strikes on Iran, with Brent crude rising $1.60 to $74.50 a barrel and US West Texas Intermediate gaining $1.55 to $70.45 a barrel.
In Asia, Japan's Nikkei 225 fell 0.3% to 39,500, while South Korea's KOSPI rose 0.1%. China's Shanghai Composite lost 0.2%, and Hong Kong's Hang Seng added 0.1%.
The US dollar weakened against the yen, trading at 157.50 yen, while the euro was at $1.0820.
Analysts said the situation in Iran could have a short-term impact on oil markets, but long-term prices will be influenced by global economic growth.