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The Nikkei index of the Tokyo Stock Exchange tumbled more than 3% in the morning session on June 20. Investors locked in profits after the previous day's gains, while tech stocks dived following a sell-off in US markets. Higher oil prices further weighed on sentiment, prompting caution among traders.
Indian Prime Minister Narendra Modi has urged citizens to work from home, avoid international travel, and stop buying gold to conserve foreign exchange amid the Iran war-driven energy crisis. The conflict has sent global oil prices up nearly 50%, straining India's foreign reserves, which fell by $7.79 billion in early May.
The US-Israel war on Iran, which began in late February, has caused a global oil supply shock, sending energy costs soaring across Africa. Oil-exporting nations like Nigeria reap huge profits while import-dependent countries like Kenya struggle. Eric Wainaina, a Nairobi motorcycle taxi driver, has seen his monthly earnings halve as fuel prices rose and passenger demand fell.
US President Donald Trump declares Iran is in a 'state of collapse' as Gulf leaders meet in Saudi Arabia to discuss regional security. The UAE announces its departure from OPEC after nearly 60 years, while Israeli airstrikes in Lebanon kill paramedics, escalating tensions. Diplomatic efforts remain deadlocked amid oil price surges and waning US approval ratings.
