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Hong Kong's Hang Seng and South Korea's KOSPI were among the Asian markets hit by selling pressure in Tuesday's trade, September 8, as crude oil prices approached $100 per barrel amid fears that supply disruptions in West Asia could deepen following the latest escalation of attacks in the region. The surge in oil prices has fuelled concerns over inflation and raised expectations that central banks could keep interest rates higher for longer, offsetting a rebound in optimism around artificial intelligence (AI) stocks. Barring Indian equities, most major Asian markets opened higher but failed to hold on to their gains by the close. South Korea's KOSPI fell 0.6% to 6,954.52, giving up all of its intraday gains after briefly climbing to 7,171, its highest level since August 18. Among heavyweights - Samsung Electronics gave up all of its intraday gains to close 0.19% lower after surging over 3% during intraday session. A similar trend was seen in SK Hynix, which also gave up most of its intraday gains but managed to close 0.50% higher after hitting its highest level in more than a month during the session. Meanwhile, Hong Kong's Hang Seng ended 0.38% lower at 25,317.18 after failing to sustain its intraday gains. Japan's Nikkei 225 also reversed its early gains, sinking 1.7% to 65,269.33, as major exporters came under selling pressure following a sharp rise in the Japanese yen. The yen extended Monday's rally to reach its strongest level since February, fuelled by growing expectations of a Bank of Japan interest-rate hike next week. Japan's currency rose as much as 1% to 152.89 per dollar after appreciating 1.2% on Monday. The latest advance suggests that the yen's rally — set in motion by the intervention push from Treasury Secretary Scott Bessent and Finance Minister Satsuki Katayama — may be gaining further momentum. Brent crude, the global oil benchmark, reached $99.5 a barrel after Saudi Arabia said operations at facilities in the kingdom's south had been halted following attacks. Strong Chinese purchases also added to tightness in the oil market. US benchmark crude surged 2.5% to $93.79 a barrel. Against this backdrop, traders are awaiting details of an Iranian deal with Oman aimed at managing shipping through the Strait of Hormuz, a key global oil transit route. Iran said a deal with Oman to manage shipping through the Strait of Hormuz was imminent, raising questions over how the US would respond after striking Iranian vessels over the weekend. Tehran also warned that ships could face the risk of attack near Oman's coastline. The rise in energy prices is adding to inflation concerns as investors assess the prospect of tighter monetary policy. A packed week of US economic data will culminate in Friday's inflation report, which could prove pivotal in determining whether the Federal Reserve raises interest rates or keeps them on hold. (With inputs from Bloomberg) Disclaimer: We advise investors to check with certified experts before making any investment decisions. Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments. <br><br> He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom. <br><br> During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles. <br><br> He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements. <br><br> His work combines quantitative insights with clear storytelling, presenting financial developments in a clear and structured manner. Moreover, he enjoys writing multibagger and listicle-style copies. Outside of work, Ksheera enjoys playing the piano and exploring new places. He has a keen interest in travel, music, and continuously learning about global markets and economic trends. Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
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