Global Markets Sell Off as Trump Issues 48-Hour Ultimatum to Iran Over Strait of Hormuz
Asian and global equity markets experienced severe selloffs on March 23 as Trump issued a 48-hour ultimatum to Iran to reopen the Strait of Hormuz. India's Sensex plunged 1,800+ points; South Korea activated trading circuit breakers for the Kospi 200. Brent crude surged toward $115/barrel while energy companies rallied. Foreign portfolio outflows accelerated across emerging markets, with the rupee hitting fresh lows. Investor wealth destruction across Asia reached ₹11-12 trillion in a single session.