US President Donald Trump has issued an ultimatum to Iran to reopen the Strait of Hormuz, or face the annihilation of its energy infrastructure. Key Asian stock markets saw significant drops, with Japan's Nikkei 225 and South Korea's KOSPI dropping 4% and 4.5% respectively. In Hong Kong, the Hang Seng Index dropped about 2%. Futures on Wall Street also saw moderate losses, with futures for the S&P500 and the Nasdaq Composite down about 0.5%. The threat has raised concerns about a global energy crisis as the US-Israeli war with Iran nears its one-month mark.