On Friday, Asian and European stock markets witnessed significant declines as oil prices surpassed $100 per barrel. This increase in oil costs generated persistent worries among investors concerning the surrounding geopolitical tensions brought about by the ongoing war in Iran. The high oil prices, coupled with market instability, created a challenging environment for equity investments, heavily impacting the technology sector and other segments tied to global supply chains.

The Japanese Nikkei 225 index dropped by 1.2%, falling to 53,819 points, reflecting a notable loss of 8.5% since the closure on February 27, just before the escalation of the US-Israeli conflict with Iran. Other markets in the region, including South Korea and Hong Kong, mirrored this trend with significant dips. Similarly, the Australian S&P/ASX 200 index decreased slightly, adding to a grim picture painted by the global market downturn and investors' apprehensions about inflationary pressures caused by the Iranian conflict.

In Europe, the Stoxx 600 index fell by 0.8%, signifying a push towards a second consecutive week of losses. The market sentiment remained subdued as investors grappled with the implications of prolonged inflation, primarily driven by high energy costs. The interplay between geopolitical events and economic indicators continues to shape investor behavior, contributing to the downturn across both Asian and European stock markets as the uncertainty surrounding oil supply persists due to the Iran situation.