Asia-Pacific Markets Decline as Middle East War Hits Fifth Week

Asia-Pacific markets are set to decline Monday as the Middle East war enters its fifth week, driven by escalating tensions. Yemen's Houthi movement claimed a missile attack on Israel, marking its first direct involvement in the conflict led by the U.S. and Israel against Iran. The strike is described as support for Iran and Hezbollah in Lebanon. The conflict originated from airstrikes on Iranian targets on February 28. Oil prices surged in response, with WTI crude futures up 2.58% to $102.19 per barrel in early Asian trading, reflecting increased risk premiums.

Asia-Pacific markets are anticipated to fall Monday as the Middle East conflict extends into its fifth week, following a missile attack claimed by Yemen's Houthi movement on Israel.

Houthi Missile Strike

Yemen's Houthi movement stated via spokesperson Yahya Saree on X that it launched ballistic missiles at sensitive Israeli military sites.
The group framed the attack as support for Iran and Hezbollah forces in Lebanon, marking its first direct involvement in the U.S.- and Israeli-led war against Iran.

Conflict Origins

The escalation began with U.S. and Israeli airstrikes on Iranian targets on February 28.

Market and Oil Response

Asia-Pacific equities are projected to decline amid heightened geopolitical risks.
In early Asian trading, West Texas Intermediate crude futures rose 2.58% to $102.19 per barrel.