HONG KONG, March 9, 2026 (BSS/AFP) - Asian stock markets plunged Monday as oil prices soared 30 percent on fears about supplies from the Middle East as the US-Israeli war against Iran continued into a second week with no sign of letting up. He added at the weekend that the spike in prices was a "small price to pay" to eliminate Iran's nuclear threat, reiterating the White House's insistence that the rise is temporary. That came with maritime traffic in the Strait of Hormuz -- through which a fifth of global crude and gas passes -- halted since the war began on February 28. With the prospect of the global economy taking a blow from the crisis, equity markets extended last week's losses. Compounding the downbeat mood was news Friday that the US economy unexpectedly lost jobs in February, while unemployment edged up.
