Asian stock markets are tumbling on Wednesday, following the broadly negative cues from global markets overnight, as traders remain concerned over the inflationary impact of the prolonged conflict in the Middle East as it entered the fifth day, with U.S. President Donald Trump suggesting the war may last four to five weeks but could "go far longer than that." Asian markets closed mostly lower on Tuesday.
The price of crude oil has continued to spike in response to the conflict, raising worries the jump in prices will lead to higher inflation. Supply concerns were also worsened by the attacks on several oil refineries, including Saudi Aramco's oil facility in Ras Tanura, as well as the closure of the Strait of Hormuz by Iran.
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