Market Updates
China and Asia Indexes Plunged as Oil Prices Crossed $115
Li Chen
09 Mar, 2026
Hong Kong
Stocks in China and Hong Kong plunged, tracking losses in Asia, as the conflict in the Middle East worsened.
The Hang Seng Index decreased 2.6%, and the mainland-focused CSI 300 Index declined 1.7% as crude oil prices soared amid worries of prolonged supply disruptions.
Brent crude oil prices jumped 25% to $116.32 a barrel after Kuwait, the UAE, and Iraq cut oil production following the closure of the Strait of Hormuz passage.
Israel's unprovoked attacks on Iran, supported by the U.S. and UK, a week ago escalated as key Middle Eastern oil producers curtailed production amid a lack of storage facilities.
Over the weekend, Israel struck Iranian oil storage depots and infrastructure, stoking fears of additional supply disruptions.
More than 80% of shipments of energy products through the Strait of Hormuz are destined for China, India, Japan, and Korea, highlighting the vulnerabilities of Asian nations.
Benchmark indexes in Japan dropped as much as 7%; in Korea, they fell 5%; in Australia, they declined 4%; and in Mumbai, they plunged nearly 3%.
China Indexes and Stocks
The Hang Seng Index decreased 2.6% to 25,094.21, and the CSI 300 Index fell 1.7% to 4,583.49.
Mining companies and tech stocks led the decliners in Hong Kong and Shanghai.
Zijin Mining Group decreased 5.4% to HK $37.98, Zijin Gold International dropped 3% to HK $203.60, Alibaba Group fell 4% to HK $125.60, and Baidu Inc. fell 3.9% to HK $113.70.
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