Asian markets tumble after US strike on Iran

Mettis Global reported that Asian stock markets fell sharply on Monday as fresh tensions in the Middle East unsettled investors. The sell-off came after American forces hit Iranian rocket launchers on Larak Island, near the Strait of Hormuz. American officials said the launchers were being readied to fire rockets loaded with sea mines toward the waterway, raising fears of wider escalation and disruption to global trade.

South Korea's Kospi led the drop, losing 3.5%, while Japan's Nikkei 225 shed 2.16%. Hong Kong's Hang Seng Index slipped 0.88%, and mainland China's CSI 300 eased 0.61%. Australia's S&P/ASX 200 went against the trend with a 0.12% gain, CNBC reported.

Crude prices also rose in early trading, with U.S. crude up 2.1% at $85.14 per barrel and Brent futures 2% higher at $89.90. U.S. stock futures also slipped: Dow futures fell 85 points, or 0.16%, while S&P 500 and Nasdaq-100 futures each lost 0.2%. Wall Street is closing August with firm monthly gains, mainly from technology shares, and the S&P 500 technology sector has risen nearly 6% during the month. Investors are also watching inflation, rate expectations and the U.S. jobs report due Friday.