Japanese stocks plummeted on Tuesday as escalation tensions in the Middle East pushed oil prices higher, increasing investor worries over energy supply disruption amid growing Iranian threats of retaliation against any fresh US attacks.
The benchmark Nikkei 225 closed down 1,130.51 points, or 1.70%, at 65,269.33.
Oil prices extended gains toward $100 a barrel after Iran threatened retaliation against new attacks, dimming hopes of an early conflict settlement and reopening of the Strait of Hormuz. Iran also warned of possible strikes on Gulf energy infrastructure and other key U.S. assets in the region.
On the corporate side, ExaWizards (TYO:4259) agreed to acquire all shares of ele&company, a consulting firm specializing in project management and operational transformation, at an undisclosed value.
Additionally, S&P Global Ratings said it will classify Nippon Steel's (TYO:5401) subordinated loan as having intermediate equity content, according to a Tuesday release.