{"id":64741,"date":"2026-07-13T22:08:10","date_gmt":"2026-07-14T02:08:10","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/oil-prices-surge-and-asian-markets-retreat-amid-escalating-us-iran-conflict\/64741\/"},"modified":"2026-07-13T22:08:10","modified_gmt":"2026-07-14T02:08:10","slug":"oil-prices-surge-and-asian-markets-retreat-amid-escalating-us-iran-conflict","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/oil-prices-surge-and-asian-markets-retreat-amid-escalating-us-iran-conflict\/64741\/","title":{"rendered":"Oil Prices Surge and Asian Markets Retreat Amid Escalating US-Iran Conflict"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong><a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">Oil prices<\/a> hit a one-month high<\/strong> as the United States and Iran exchange direct military strikes in the <strong>Strait of Hormuz<\/strong> and surrounding regions.<\/li>\n<li><strong>Safe-haven demand drives JGB yields lower<\/strong>, with the <strong>30-year yield falling 3.5 basis points to 3.870%<\/strong> and the <strong>10-year yield settling at 2.775%<\/strong>.<\/li>\n<li><strong>Taiwanese equities tumbled more than 2%<\/strong> as regional geopolitical tensions weighed heavily on investor sentiment across Asian markets.<\/li>\n<li><strong>Iran&#39;s IRGC claims strikes on U.S. military housing<\/strong> and satellite centers in Bahrain, while the U.S. reportedly targeted Iranian assets in the <strong>Bushehr province<\/strong>.<\/li>\n<li><strong>Australian business confidence improved<\/strong> to -5 in June, significantly beating analyst estimates of -12, despite ongoing regional volatility.<\/li>\n<\/ul>\n<p>Geopolitical instability reached a fever pitch on Tuesday as direct military confrontations between the <strong>United States<\/strong> and <strong>Iran<\/strong> intensified. <strong>Crude Oil (<a href=\"\/stock\/CL\">CL<\/a>)<\/strong> prices climbed to a one-month high following reports that Iran\u2019s Revolutionary Guard (IRGC) struck two &quot;offending&quot; supertankers and targeted U.S. military housing at <strong>Bahrain\u2019s Juffair base<\/strong>. Former President Trump stated that U.S. forces have retaliated by destroying a significant portion of Iranian radar systems and munitions launch platforms.<\/p>\n<p>The escalation has sent shockwaves through Asian financial markets, triggering a flight to safety. In Japan, government bond yields retreated across the curve; the <strong>30-year JGB yield<\/strong> slipped 3.5 basis points to <strong>3.870%<\/strong>, while the <strong>5-year yield<\/strong> declined to <strong>1.980%<\/strong>. <strong>Taiwanese equities<\/strong> bore the brunt of the regional sell-off, declining by more than <strong>2%<\/strong> during early trading hours.<\/p>\n<p>In the currency markets, the <strong>Euro<\/strong> posted modest gains above <strong>1.1350<\/strong> as traders pivoted their focus toward upcoming <strong>U.S. CPI inflation<\/strong> data. The <strong>Yuan<\/strong> opened slightly weaker at <strong>6.7835<\/strong> against the dollar. Meanwhile, analysts noted that the <strong>U.S. Dollar<\/strong> remains in a &quot;decent&quot; uptrend against the <strong>Yen<\/strong>, supported by the widening interest rate expectations between the two nations.<\/p>\n<p>Corporate developments remained active despite the macro turmoil. <strong>BHP Group (<a href=\"\/stock\/BHP\">BHP<\/a>)<\/strong> is moving forward with a master plan for the <strong>Mt Arthur Coal<\/strong> site in New South Wales. The state government&#39;s transformation precinct plan suggests the project could facilitate up to <strong>4,890 employment opportunities<\/strong> and transition the land for uses beyond traditional mining.<\/p>\n<p>China\u2019s aviation sector continues to struggle, with major domestic airlines lagging <strong>Cathay Pacific (<a href=\"\/stock\/0293\">0293<\/a>)<\/strong> by nearly <strong>50 percentage points<\/strong> this year. Analysts attribute this underperformance to lackluster domestic travel demand and expectations of persistent weak profits. Conversely, <strong>Hong Kong\u2019s HSCI Energy Index<\/strong> is expected to rise by <strong>2%<\/strong> at the open, buoyed by the spike in global energy prices.<\/p>\n<p>Diplomatic movements are also under observation as <strong>Xinhua<\/strong> reported that <strong>Wang Huning<\/strong>, China\u2019s top political adviser, will lead a government delegation to <strong>North Korea<\/strong> from July 15-17. This visit comes as China\u2019s Customs Vice Minister noted that the nation&#39;s trade expansion has remained robust with steady growth momentum throughout the year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Oil prices hit a one-month high as the United States and Iran exchange direct military strikes in the 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