Asian markets traded mostly lower in early deals on Thursday, after the crude oil rates rebounded sharply amidst escalating tensions in the Middle East with the joint US-Israeli strikes against Iran and potential disruptions in the Strait of Hormuz. Traders remained cautious following reports that the US has opened a new trade investigation into key partners, to restore trade pressure after the Supreme Court invalidated previous tariffs last month. Japan’s Nikkei tumbled with the concerns of inflation and as the country is highly vulnerable to oil supply shocks due to its heavy reliance on Middle Eastern imports.

Nikkei plunged by 1,063.37 points or 1.93% to 53,962.00, Straits Times down by 32.72 points or 0.67% to 4,831.09, Hang Seng tumbled by 349.76 points 1.37% to 25,549.00, Taiwan weighted wilted by 472.86 points or 1.39% to 33,641.33, KOSPI Index narrowed by 59.08 points or 1.05% to 5,550.87, Shanghai Composite curtailed by 26.47 points or 0.64% to 4,106.96 and FTSE Bursa Malaysia KLCI index decreased by 5.52 points or 0.32% to 1,703.26.

On the flip side, Jakarta Composite rose by 37.52 points 0.51% to 7,426.92.