Oil Prices Surge as U.S. President Trump Hints at Escalating Military Action Against Iran

Oil prices rose by over 4% following comments from U.S. President Donald Trump suggesting a potential escalation of military action against Iran. According to Ming Pao, these remarks led to a decline in U.S. futures by more than 1% and a general downturn in Asian stock markets. The South Korean stock market experienced significant losses, with the KOSPI index dropping over 4.4% and the KOSDAQ falling more than 5%. Japan's Nikkei 225 index decreased by over 2%, while China's Shanghai Composite Index fell by 0.5% and the Shenzhen Component Index declined by 1.1%. Hong Kong's stock market also saw a widening decline, with the Hang Seng Index dropping 277 points by midday, falling below the 250-day moving average. The proportion of declining stocks reached 38.13%, while northbound funds recorded a net inflow of 6 billion yuan.