Asian stock markets fell following escalating military tensions between the United States and Iran. President Trump ordered strikes against Iran after accusing Tehran of downing a US Army Apache helicopter near the Strait of Hormuz. The helicopter crew was rescued by drone. Iran responded with retaliatory strikes on Wednesday morning, targeting Kuwait, Bahrain, and Jordan.
The conflict threatens a ceasefire announced by the two countries in April. Oil prices rose as traders evaluated potential disruptions to Middle Eastern energy supplies. US stock futures declined following the exchanges, with technology stocks experiencing losses in the previous session.