Asian markets crash on Hormuz ultimatum escalation — Seoul -6%, Tokyo -5%, Brent $112

Asian equity markets opened deep in the red on Monday, March 23, as the combination of Trump's 48-hour Hormuz ultimatum, the IRGC's complete-closure counter-threat, and a fresh IDF wave of strikes on Tehran hammered risk sentiment. **Market moves:** - Seoul (KOSPI): down ~6% at session lows - Tokyo (Nikkei): down ~5% - Hong Kong (Hang Seng): down >3% - Shanghai, Taipei, Manila: down >2% - Sydney, Singapore, Wellington: all deep in negative territory - South Korean won: 1,510/dollar — weakest since 2009 **Oil:** - Brent crude: ~$112/barrel - West Texas Intermediate (WTI): just below $100/barrel (up ~1.8% on open) AFP reported the market moves came after Trump and Iranian leaders traded threats over Hormuz and Israel said the war could last several more weeks. The broader context — IEA confirmation of 11 million barrels/day lost — compounded the energy price pressure. US Treasury Secretary Scott Bessent, asked if Trump was 'winding down' or 'escalating' the war, told NBC News: 'They are not mutually exclusive. Sometimes you have to escalate to de-escalate.' He also confirmed the US has 'plenty of money' to fund the war but is requesting supplemental funding from Congress.