Asia markets mostly rise as investors assess Iran conflict impact on energy supplies

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Smoke rises from an Israeli strike targeting the southern suburbs on March 5, 2026 in Beirut, Lebanon.

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Asia-Pacific markets staged a late comeback on Friday, after Wall Street declined on worries over energy supplies.

Oil prices broke through the $80 per barrel mark overnight, but eased on Friday. Brent futures were about 0.3% lower at $85.14. U.S. West Texas Intermediate, which saw its biggest single day gain since May 2020 on Thursday, was last down 0.53% at $80.58.

More uncertainty was also seen on the global trade front after New York Attorney General Letitia James and the top prosecutors of 23 other statesonce again sued to block President Donald Trump’s global tariff regime.

This comes after the U.S. Court of International Trade had ruled Thursday that companies were entitled to tariff refunds from Trump’s duties that were struck down by the Supreme Court.

South Korea’s Kospi reversed course to finish marginally higher at 5,584.87, after marking its best day since 2008 in the prior session.

The small-cap Kosdaq extended gains to rise 3.43% to 1,154.67. Kosdaq 150 futures spiked 6% in early trading, triggering a buy trading curb for five minutes.

Defense heavyweight LIG Nex1 rose more than 9%, after South Korean media reported its air defense systems were used to successfully intercept Iranian missiles launched at the United Arab Emirates.

Japan’s Nikkei 225 rose 0.62% at 55,620.84, also reversing earlier losses, while the Topix ended 0.39% higher to close at 3,716.93.

A report said SoftBank was seeking a record $40 billion loan to finance its investment in OpenAI. Shares of Softbank Group Corp climbed 1.6%.

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Australia’s S&P/ASX 200 fell 1% to 8,851, dragged by basic materials stocks.

Hong Kong’s Hang Seng index was 1.69% higher as of its last hour of trading, extending gains from Thursday, while the mainland Chinese CSI 300 advanced 0.27% to 4,660.44

India’s Nifty 50 was down 0.67%, while the BSE Sensex fell 0.73% as of 1:55 p.m. local time (02:55 a.m. ET).

Overnight in the U.S., all three major indexes fell, with the stock sell-off led by Boeing, Caterpillar and other names that stand to lose the most if the global economy slows.

The Dow Jones Industrial Average declined 1.61%, while the S&P 500 fell 0.56%. The tech heavy Nasdaq Composite dipped 0.26%.

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

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