Asia markets slip as Iran conflict continues

Oil prices extended gains after Iran reportedly said it had closed the Strait of Hormuz, with U.S. crude futures up 1.4% to $72.23, while Brent was up 1.87% to trade at $79.2 per barrel as of 9.49 p.m. ET Monday.

More than 14 million barrels per day transited via the Strait on average last year, accounting for nearly a third of the world’s overall seaborne crude exports, according to Kpler data.

South Korea’s Kospi fell 5.37%, dragged by 6%-plus losses in Samsung Electronics and SK Hynix, but defense players saw massive gains, with some stocks up over 20%.

Kospi-200 futures fell more than 5%, triggering a temporary trading curb known as a sidecar that suspended transaction in the futures contract for five minutes.

Australia’s S&P/ASX 200 was down 1.24%, after being one of the few markets on Monday to record a marginal gain.

Japan’s Nikkei 225 extended losses from the prior session to drop 2.49%, weighed down by energy and consumer cyclicals, while the Topix dipped 2.47%.

Hong Kong Hang Seng index was down 0.29%, while mainland China’s CSI 300 fell 0.24%.

Overnight in the U.S., the S&P 500 inched up 0.04% after rebounding late in the session. The Nasdaq Composite was higher by 0.36%, coming back from a 1.6% loss.

The Dow Jones Industrial Average fell 73.14 points, or 0.15%, settling at 48,904.78. At its lows, the Dow was down nearly 600 points.

—CNBC’s Sean Conlon and Yun Li contributed to this report.