Stocks fell and crude oil climbed as tensions in the Middle East intensified, with Iran-backed Houthi forces entering the conflict and an expanded US military presence raising concerns of a prolonged confrontation.
Gauges in Japan and Australia declined, while stocks in South Korea fell around 5%, sending the broader MSCI Asia Pacific Index down almost 2% at the open. US equity-index futures slipped just under 1% as the conflict entered its fifth week, with rising crude oil prices stoking inflation concerns and threatening to slow economic growth. On Friday, Wall Street traders drove stocks to their longest weekly slide since 2022.
