South Korean and Singaporean Stocks Plunge as Oil Hits $100

Asian markets experienced severe volatility on March 9, 2026, as crude oil prices surged past $100 per barrel. The downturn followed military strikes conducted by the United States and Israel against Iran starting February 28, combined with oil output cuts by Kuwait and the United Arab Emirates and the closure of the Strait of Hormuz.

In South Korea, the Korea Composite Stock Price Index (KOSPI) plunged 5.96 percent to close at 5,251.87 points. The market experienced an intraday drop of more than 8 percent, triggering both a five-minute sidecar mechanism and a 20-minute circuit breaker. The tech-heavy KOSDAQ also fell 4.54 percent. Blue-chip stocks including Samsung Electronics and SK hynix saw declines of nearly 10 percent, while the South Korean won dropped to 1,495.5 per U.S. dollar, its lowest level since the 2009 financial crisis. The sell-off was further compounded by U.S. jobs data showing a loss of 92,000 nonfarm payrolls in February.

Singapore's Straits Times Index fell 1.9 percent to 4,756.61. Brent and West Texas Intermediate crude both surged over 20 percent, fueling inflation fears that pushed the VIX volatility index past 30. While most constituents declined, Wilmar International rose 1.1 percent, and POSCO International in Korea rose 11.06 percent due to its energy portfolio.