The Nikkei Average fell by more than ¥2,000 at one point following breaking news that crude oil futures had surpassed $100 per barrel. All 3 major U.S. stock indexes also declined, with the impact spreading to Japan's market.
According to breaking news reports, WTI futures, the key benchmark for crude oil, rose above $100 per barrel. Concerns that fighting between the United States and Iran could become prolonged were cited as a factor, driving crude oil prices higher in international markets.
The Nikkei Average opened down approximately ¥1,000 at the start of trading on the morning of 11 September and subsequently extended its decline. The fall in Japan's market is believed to have been affected by higher oil prices.
All 3 major U.S. stock indexes declined, and the Nikkei Average's fall is also believed to have been influenced by developments in overseas markets.
The impact spread to Japan's market as higher oil prices rippled through the economy, and it was noted that energy price trends could continue to affect market conditions going forward.