Asian stocks mostly fell on Friday as the ongoing conflict in the Middle East continued to unsettle global markets, while oil prices remained elevated despite some efforts to ease supply concerns.After a difficult week on trading floors, investors are heading into the weekend uncertain about when the US-Israel war on Iran and Tehran’s attacks across the Gulf region might end.Global equities have been battered by the crisis, which has pushed crude prices sharply higher and raised fears of renewed inflation that could weigh on the global economy. Oil prices have surged by about a fifth since last Friday, the day before the attacks began.Although markets saw a rebound in the middle of the week, analysts warned that the longer the conflict continues, the more pressure it will put on financial markets.“It is too soon to suggest that stocks have bottomed,” wrote IG chief market analyst Chris Beauchamp, as quoted by AFP.“Unless the war ends soon- and if anything a more intense conflict seems more likely- markets will struggle. Volatility remains elevated, which means we should expect plenty of two-way price action, but a continued decline for the moment seems likely, even with short-term bounces along the way.”The conflict also appears unlikely to ease soon. Iranian foreign minister Abbas Araghchi said Thursday that Iran was neither seeking a ceasefire nor negotiations with the United States.Asian markets largely followed losses on Wall Street, where all three main indexes ended lower despite staging late rallies.Seoul again saw sharp movement. The Kospi index, which plunged nearly 19 percent on Tuesday and Wednesday before rebounding more than nine percent on Thursday, fell another 1.5 per cent.Sydney, Singapore, Wellington, Manila and Jakarta were also down, while Tokyo, Hong Kong, Shanghai and Taipei managed gains.Concerns about rising crude prices have also intensified fears that inflation could climb again, potentially forcing central banks to reconsider plans to cut interest rates, with some analysts warning that rate hikes could even return.While Iran has not officially shut off the Strait of Hormuz, shipping through the key waterway has all but dried up. Around a fifth of the world’s crude supply and large volumes of gas normally pass through the strait.There was some relief in oil markets after US Interior Secretary Doug Burgum said officials were considering measures to ease the surge in prices.The White House also temporarily eased sanctions against Russia on Thursday, allowing Russian oil currently stranded at sea to be sold to India until April 3.Treasury Secretary Scott Bessent said the waiver was issued “to enable oil to keep flowing into the global market.”Earlier this week, US President Donald Trump pledged to protect ships passing through the Strait of Hormuz.Other countries have also taken steps to secure supplies. According to Bloomberg News, China has asked its largest oil refiners to suspend exports of diesel and gasoline amid fears of shortages.Despite the small pullback, oil prices remain high. By the end of trading Thursday, Brent crude had risen about 19 percent since last Friday, while West Texas Intermediate had climbed more than 22 percent, briefly crossing $80 a barrel for the first time since January last year.Investors are also watching the release of US jobs data later on Friday for clues about the strength of the world’s largest economy.At around 0230 GMT, oil prices were higher, with West Texas Intermediate rising 2.0 percent to $79.38 per barrel and Brent North Sea Crude up 1.5 percent at $84.10 per barrel. In equity markets, Seoul’s Kospi fell 1.6 percent to 5,497.51, while Tokyo’s Nikkei 225 rose 0.4 percent to 55,490.04. Hong Kong’s Hang Seng Index gained 0.9 percent to 25,557.59 and Shanghai’s Composite edged up 0.1 percent to 4,111.86. In currency trading, the euro strengthened to $1.1617 from $1.1604 on Thursday, while the pound rose slightly to $1.3367 from $1.3357. The dollar slipped to 157.51 yen from 157.55 yen, and the euro rose to 86.91 pence from 86.87 pence.
