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A general view of Tehran with smoke visible in the distance after explosions were reported in the city, on March 2, 2026 in Tehran, Iran.
Contributor | Getty Images
Most Asia-Pacific markets were set to open lower on Tuesday, as the conflict in Iran continues to rage on for a fourth day.
Oil prices extended gains after Iran reportedly said it had closed the Strait of Hormuz, with U.S. crude futures up 0.15% to $71.33, while Brent was up 7.14% to trade at $78.07 per barrel.
More than 14 million barrels per day transited via the Strait on average last year, accounting for nearly a third of the world's overall seaborne crude exports, according to Kpler data.
Australia's S&P/ASX 200 started the day down 0.3%, after being one of the few markets on Monday to record a marginal gain.
Japan's Nikkei 225 futures pointed to a weaker open for the market, with the futures contract in Chicago at 57,530 and its counterpart in Osaka at 57,690 compared to the previous close of 58,057.24.
Hong Kong Hang Seng index futures were at 26,109, higher than the HSI's last close of 26,059.85.
Overnight in the U.S., the S&P 500 inched up 0.04% after rebounding late in the session. The Nasdaq Composite was higher by 0.36%, coming back from a 1.6% loss.
The Dow Jones Industrial Average fell 73.14 points, or 0.15%, settling at 48,904.78. At its lows, the Dow was down nearly 600 points.
—CNBC's Sean Conlon and Yun Li contributed to this report.
