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Asian stock markets opened mostly lower on Friday, extending a global sell-off triggered by escalating tensions from the Iran conflict and surging energy prices.

The downturn followed another negative session on Wall Street, where investor risk aversion intensified amid fears of prolonged Middle East hostilities and their ripple effects on global energy supplies.

The Dow Jones Industrial Average closed down 0.44% at 46,021.43 points. The S&P 500 fell 0.27% to 6,606.49, while the Nasdaq Composite slipped 0.28% to 22,090.69.

In early Asian trading, Australia’s S&P/ASX 200 index declined 0.27%. Hong Kong Hang Seng index futures traded around 25,312 points, below the previous close of 25,500.58.

South Korea’s Kospi index bucked the broader trend, rising nearly 1%, with the smaller Kosdaq gaining 0.94%.

Japanese markets were closed for a public holiday, although related futures edged up about 0.2%.

The primary catalyst for the sell-off is the intensifying Iran-related conflict. Tit-for-tat strikes have targeted critical energy infrastructure, most notably an Iranian attack on Qatar’s world-largest liquefied natural gas (LNG) facility.

QatarEnergy CEO Saad al-Kaabi confirmed that the assault has destroyed approximately 17% of the country’s LNG export capacity, with disruptions expected to last three to five years.

Energy prices reacted sharply.

Brent crude futures rose 1.18% to $108.65 per barrel after briefly surpassing $119 earlier in the session. U.S. West Texas Intermediate (WTI) crude stood at $96.14, while American gasoline prices hit near four-year highs.

Precious metals also moved violently, with gold and silver dropping as much as 5% and 10% respectively before partially recovering.U.S. President Donald Trump sought to reassure markets by stating there would be no deployment of American ground troops in the region.

Israeli Prime Minister Benjamin Netanyahu indicated that Israel would not repeat attacks on Iranian energy facilities.

A group of major allies—including Britain, France, Germany, Canada, and Japan—issued a joint statement pledging to help secure safe navigation through the Strait of Hormuz.

The Federal Reserve kept interest rates unchanged this week, but Chair Jerome Powell warned that the Middle East hostilities have created “high uncertainty” for the global economic outlook.

Analysts caution that until there is greater clarity on the duration and intensity of the conflict, energy-driven inflation pressures and widespread risk aversion are likely to keep financial markets volatile in the coming weeks.