South Korea’s Kospi fell 7.24% on Wednesday as war in the Middle East escalated, extending a sharp sell-off the previous day when the index had its worst day in 19 months.

Investors in the region will also be watching an annual parliamentary meeting of Chinese policymakers later in the day.

This gathering is called “Two Meetings” These include a consultative meeting that will begin later in the day and the National People’s Congress, which is scheduled to open on Thursday. Chinese Prime Minister Li Qiang will announce a series of economic goals at the National People’s Congress, which are basically decided at the December meeting.

Australian S&P/ASX 200 Index It opened down 1.81% that day. Japanese Nikkei 225 Index It fell 1.59%, and the Topix fell 1.61%.

Hongkong Hang Seng Index Futures were at 25,448 points, below the benchmark’s last closing price of 25,768.08 points.

oil price Expand revenue U.S. crude futures rose 0.87% to $75.21, while Brent crude futures rose 5.43% to $81.96 a barrel as conflict with Iran widened Attempts to close the Strait of Hormuz.

A senior commander of Iran’s Revolutionary Guards said on Monday, Critical arteries have been closed Iranian media reported that any ship trying to pass through the waterway would be targeted.

President Donald Trump said Tuesday afternoon that the U.S. Navy Will escort oil tankers through the Strait of Hormuzif necessary.

“No matter what, the United States will ensure the free flow of energy around the world,” he said in a statement. truth social post. “The United States’ economic and military power is the most powerful on the planet — and there will be more to come.”

Overnight in the United States, the sock market saw another frenzied session as concerns over a protracted conflict between the United States and Iran roiled markets.

this Dow Jones Industrial Average It fell 403.51 points, or 0.83%, to close at 48,501.27 points. this S&P 500 Index fell 0.94% to close at 6,816.63 points, while Nasdaq Composite Index It fell 1.02% to close at 22,516.69 points. The S&P 500 fell to the day’s low, down 2.5%, and the Nasdaq fell about 2.7%. The 30 stocks in the Dow fell more than 1,200 points, or about 2.6%, to their lowest point.

—CNBC’s Sean Conlon and Pia Singh contributed to this report.