Asia Stocks Plunge amid Rising Tension in Middle East, Oil Reaches $70!

Stocks in Asia traded lower on Monday morning amid concerns over escalated tension between the U.S. and Iran.

On Sunday, Iran vowed to retaliate the U.S. over the death of its topcommander Qasem Soleimani. Meanwhile, the U.S. President Donald Trump also threatened to hit 52 Iranian targets if Tehran retaliates after Soleimani killing.

In the morning session on January 6, 2020, Nikkei fell 1.94%, SSEC dipped 0.12%, ASX 200 plunged 0.49%, HSI slumped 0.71% and Kospi downed 0.93%.

On the other hand, the analyst forecasted that the tension could spike oil prices for a longer run which could reach $80 per barrel.

WTI gained 1.93% to trade at $64.27 per barrel while Brent reached $70.09 per barrel.