Pacific markets fall as oil prices stay elevated amid escalating U.S.

Asia-Pacific markets fell Monday as investors assess elevated oil prices and the latest developments in the escalating U.S.-Iran conflict.

U.S.

crude prices topped $100 per barrel as the Trump administration weighs military strikes on Tehran's Kharg Island, a strategically vital hub often referred to as Iran's"oil lifeline."
U.S.

crude oilwas trading flat at $98.7 per barrel by 8:10 p.m.

ET.Brentprices, the international benchmark, were up 0.48% to $103.7 per barrel.

President Donald Trump on Friday ordered strikes againstIranian military assetson Kharg Island and warned of further attacks on crude facilities located there.

Mike Waltz, the U.S.

ambassador to the United Nations,repeated the warningSunday.

Goldman Sachs estimates that the surge in energy prices stemming from the war in Iran could shave about 0.3% off global GDP over the next year, while pushing headline inflation higher by roughly 0.5% to 0.6%.

Higher natural gas prices are expected to add further inflationary pressure and growth headwinds, particularly in Europe and Asia, with risks skewed toward larger impacts if the Strait of Hormuz remains closed, the bank wrote in a note on Sunday.

Hong Kong'sHang Seng indexfell 0.3%, while the CSI 300 was down 0.31% even asChina's consumption and production both beat expectationson holiday spending and strong foreign demand.

Retail sales for the first two months of the year rose 2.8% from a year earlier, beating economists' forecast for a 2.5% growth, but a notable slowdown fromthe 4% growthin the January-February period in 2025.

Industrial output climbed 6.3%, also exceeding expectations for a 5% jump in a Reuters poll.

Industrial production has been a relative bright spot in the world's second-largest economy, thanks to resilient external demand, particularly from European and Southeast Asian nations.

Japan'sNikkei 225fell 1.07%, while the Topix slid 0.98%.

South Korea's Kospi was unchanged, while the Kosdaq fell 1.72%.

Australia'sS&P/ASX 200declined 0.44%.

Bitcoin gained over 3% to $73,844.20, while ether jumped 6% to $2,263.93.Bitcoingained 5%last week, and is up roughly 10% since the Iran war started on Feb.

28.

Stock futures rose slightly as Wall Street tried to recover from another losing week.

Dow Jones Industrial Average futuresadded 153 points, or 0.3%.S&P 500 futuresrose 0.3% andNasdaq-100 futuresgained 0.3%.

Last Friday, the three major U.S.

averages fell.

TheS&P 500shed 0.61%, putting it 5% below its recent high and closing at 6,632.19.

TheNasdaq Compositedeclined 0.93% to end at 22,105.36.

TheDow Jones Industrial Averageshed 119.38 points, or 0.26%, and settled at 46,558.47.

— CNBC's Anniek Bao, Sean Conlon and Pia Singh contributed to the report.

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