Global equities tumble as tech stocks plunge and oil prices rise on Middle East tensions

Global equity markets declined on Monday after Wall Street recorded its steepest single-day loss since October, and oil prices rose sharply amid renewed hostilities between Israel and Iran. South Korea's Kospi led the downturn, falling 8.3% as major chipmakers Samsung Electronics and SK Hynix slumped, extending losses that had contributed to the S&P 500's biggest drop in months on Friday. The S&P 500 was up 0.2% in early trading, while the Dow Jones Industrial Average slipped 0.3%.

Oil prices surged after Israel launched airstrikes targeting central and western Iran in response to missile fire. Brent crude rose $4.60 to $97.69 a barrel and U.S. West Texas Intermediate climbed $4.13 to $94.67 a barrel. Iranian state television reported explosions in several cities but gave no further details. A tentative cease-fire extension negotiated last week remains unfinalized, and the conflict continues to hinder crude shipments through the Strait of Hormuz.

In Europe, France's CAC 40 fell 0.7%, Germany's DAX dropped 0.8%, and Britain's FTSE 100 slipped 0.4% in early trading. Japan's Nikkei 225 declined 3.9% as the government revised its first-quarter growth forecast to 1.8% from 2.1%. Taiwan's Taiex, Hong Kong's Hang Seng, and China's Shanghai Composite also posted losses. Australian markets were closed for a public holiday.

Friday's market slide was the largest one-day decline on Wall Street since October 10, when tariff threats were raised against Chinese imports. The S&P 500 fell 2.6% after a strong jobs report heightened expectations of further Federal Reserve rate hikes, adding pressure to a tech rally that had been boosted by artificial-intelligence investments. The Dow Jones fell 1.4% and the Nasdaq composite dropped 4.2%.

In currency markets, the U.S. dollar edged lower against the Japanese yen, trading at 160.23 yen, while the euro rose slightly to $1.1521.