Asia markets slump as Iran vows permanent Hormuz closure; oil spikes on day 14 of conflict

Asian markets experienced a significant downturn today, mirroring a global trend of investor caution. The decline was largely attributed to escalating geopolitical tensions in the Middle East, following pronouncements from Iran regarding the permanent closure of the Strait of Hormuz. This threat, coupled with ongoing concerns about the conflict now entering its fourteenth day, has sent oil prices soaring. Analysts are closely monitoring the situation, with fears of further supply disruptions impacting global energy markets.