On May 8, 2023, Asian stock markets faced declines as geopolitical tensions rose following missile and drone attacks linked to Iran. The Nikkei 225 index in Japan fell 1.1% to 62,174.12, while Hong Kong's Hang Seng dropped 1.3% to 26,289.50. The South Korean Kospi and Australia's S&P/ASX 200 also saw declines of 1.1% and 1.7%, respectively. In contrast, oil prices surged, with Brent crude rising 1.1% to $101.13 per barrel, reflecting concerns over the stability of the Strait of Hormuz, a crucial oil transit route. The US Central Command reported intercepting Iranian attacks on Navy ships, further straining the fragile ceasefire. In the US, stock indices retreated from record highs, with the S&P 500 and Dow Jones Industrial Average falling 0.4% and 0.6%, respectively. The US dollar weakened slightly against the Japanese yen and the euro.