#AsiaStocksPlunge The clampdown on the Strait has sent prices for oil, gas, fertiliser, plastic and aluminium surging, along with fuel for planes and shipping. Prices for food, pharmaceuticals and petrochemical products are all set to rise.

That is bad news for Asia, as much of the region is highly dependent on energy from the Middle East. Japan’s Nikkei shed another 4.7%, bringing losses for March to almost 14%.

South Korea’s market fell 4.2%, while MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 1.2%.

S&P 500 futures lost 0.7%, while Nasdaq futures fell 0.9%.

For Europe, EUROSTOXX 50 futures and DAX futures both slid 1.5%, while FTSE futures fell 1.0%.

Brent crude rose 3.0% to $115.98 a barrel, bringing its gains for the month to 60% and topping the jump that followed Iraq’s invasion of Kuwait in 1990. US crude climbed 3.0% to $102.52, making a monthly rise of 53%.

“The longer the Strait remains closed, the sharper the drawdown in buffer supplies that could spark dramatic increases in the price of crude oil, natural gas and other commodities,” warned Bruce ‌Kasman, global head ⁠of economics at JPMorgan.

“A scenario in which the Strait remains closed for an additional month would be consistent with oil prices rising towards $150/bbl and constraints on industrial consumers of energy supply.”