NASDAQ:BIYA 6 November 2025

March 22, 2026, 10:24 PM EDT. Asian stock markets plunged Monday amid escalating tensions between the U.S. and Iran. Japan's Nikkei 225 fell 4%, South Korea's KOSPI dropped 4.5%, and Hong Kong's Hang Seng lost about 2%. The sharp declines came after U.S. President Donald Trump issued an ultimatum threatening to "obliterate" Iran's power plants within 48 hours if Tehran does not reopen the Strait of Hormuz, a vital passage for one-fifth of global oil and gas exports. Brent crude oil futures surged above $114 per barrel before settling near $112, reflecting fears of energy supply disruptions. Trump and U.K. Prime Minister Keir Starmer agreed on the importance of reopening the strait to stabilize energy markets. The ultimatum deadline expires at 23:44 GMT Monday, amplifying concerns over a worsening energy crisis amid a month-long U.S.-Israeli conflict with Iran.