Asia stocks slump as markets brace for energy shock

Asian markets skidded on Wednesday, with investors cutting crowded positions in gold and chipmakers on worries a wider Mideast war could deliver an energy shock that raises inflation and delays ​rate cuts. Shares in Seoul dived 4% to take two-day losses beyond 11% as ‌fast-money and foreigners bailed out of a market that had soared on memory chipmakers’ vast AI-driven profits. The selloff dragged the won to a 17-year low. Japan’s Nikkei slid 2.5% in a third straight session of losses. Japan and ​South Korea are major energy importers. Benchmark Brent crude oil futures are up more than ​12% for the week at $81.40 a barrel, though they came off highs after ⁠US President Donald Trump ordered an insurance guarantee on Gulf shipping and said the navy ​may escort oil tankers through the Strait of Hormuz if necessary. US and Israeli forces have pounded Iran ​for four days and Iranian drones and missiles have struck Gulf oil refineries and also US embassies in Saudi Arabia and Kuwait.