Most Asian Markets Fall as Oil Surges Nearly 3% After U.S. Strike on Iran

Most major Asian markets fell on August 31 as oil prices jumped after a U.S. strike on Iranian rocket launchers near the Strait of Hormuz. Brent crude rose 2.9% to $90.61 a barrel and U.S. crude climbed 2.7% to $85.66, while U.S. stock futures fell 0.3%. Japan’s Nikkei 225, South Korea’s Kospi and Hong Kong’s Hang Seng each lost 0.4% to 0.5%, while Shanghai’s Composite gained 0.4%. China’s official manufacturing purchasing managers’ index improved to 49.8 from 49.2 but remained below the 50 threshold separating contraction from expansion.