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Five days into the U.S.-Israeli war against Iran, South Korea’s Kospi stock index fell Wednesday by more than 12%, its biggest drop in history, based on concern about a prolonged conflict in the Middle East. South Korea, like many of its Asian neighbors, depends heavily on oil and gas exports from the Gulf region. Rising energy prices and the near-total halt of shipments through the Strait of Hormuz sent South Korean traders into a panic, triggering a circuit-breaker that halted market activity temporarily. Japan’s Nikkei and China’s SSE Composite Index saw smaller losses.

Stocks drop, oil prices surge as Iran conflict hits global markets