South Korea and Japan have led declines in global stock markets amid the oil shock, underscoring how supply disruptions in the Middle East are weighing on growth in economies heavily reliant on fuel imports.
The Kospi index in Seoul has slumped 12 per cent since the US-Israel war with Iran broke out on February 28, while Tokyo’s Nikkei 225 has slid nearly 9 per cent. South Korea last week moved to cap oil price increases to limit inflation, while rising crude costs added to price pressures in…