Asian stock markets plunged as renewed fighting between the US and Iran sent oil prices surging. South Korea’s KOSPI fell more than 8%, while Japan’s Nikkei dropped 1.6%. The sell-off was led by semiconductor shares amid concerns about stretched valuations. Brent crude climbed 4.1% to 9 a barrel. The dollar strengthened on safe-haven buying and bond yields rose as investors priced in potential interest rate hikes. The turmoil comes as the IMF projects global economic growth will slow to 3% in 2026. Major Wall Street banks including JP Morgan, Goldman Sachs, and Bank of America are set to report earnings this week.