US Strikes on Iran Drive Oil Prices and Asian Market Slumps

The United States targeted Iranian civil infrastructure, triggering a surge in crude oil prices to $82.60 per barrel and fueling geopolitical instability. These tensions, combined with a sharp 7.3 percent drop in Netflix shares following disappointing guidance, created a bearish outlook for global technology and energy sectors.

The resulting volatility ended growth streaks for major Asian markets on Friday, July 17, 2026. In Indonesia, the Jakarta Composite Index closed at 6,175.54 after a 1.10 percent daily increase, ending seven consecutive sessions of growth. In Hong Kong, the Hang Seng Index plunged 446.36 points, or 1.78 percent, to close at 24,562.24, ending a five-day winning streak.

Analysts expect both markets to remain under pressure on Monday. The outlook is clouded by ongoing technology sector weakness, rising oil costs, and a negative lead from Wall Street, where the NASDAQ, S&P 500, and Dow Jones Industrial Average all closed lower.