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Asian equities slumped sharply as the escalating conflict between the US, Israel, and Iran continued to rattle markets. The MSCI Asia Pacific Index fell more than 4%, its steepest drop in almost a year, while South Korea’s Kospi plunged around 12% in its biggest-ever single-day decline after being one of the world’s best-performing markets earlier this year.

Stocks extended their selloff as the conflict between the US, Israel, and Iran intensified, pushing oil higher and reviving inflation concerns. S&P 500 futures fell 0.9% and Nasdaq 100 futures dropped 1.1%, with European futures also pointing sharply lower.

Stocks sold off and oil prices jumped as conflict in the Middle East jolted global markets, triggering a broad retreat from risk assets. US–Israeli strikes on Iran resulted in the killing of Iran's Supreme Leader, Ayatollah Ali Khamenei.