Global Markets Tumble as Iran War Escalates: Nikkei, Kospi Plunge

• Asian shares experienced a volatile start on Monday, March 23, as the Iran-Israel-US war entered its fourth week.
• Japan's Nikkei declined 3.9% (13% for March), South Korea's Kospi fell 4.5% (12% for March), and Australian equities dropped 2%.
• Crude oil prices swung sharply, trading around $112 a barrel, while S&P 500 futures were choppy.
• Tensions heightened as President Donald Trump issued a 48-hour ultimatum to Tehran regarding the Strait of Hormuz, with Iran threatening retaliation.
• Global markets are grappling with rising inflation and potential weaker growth, with the S&P 500 capping its fourth straight weekly loss.