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Asian airline stocks experienced significant declines on Monday after the U.S. and Israel launched strikes against Iran, prompting airlines to cancel hundreds of flights to the Middle East. Major airports in Doha, Dubai, and Abu Dhabi ceased operations due to the conflict, with Singapore Airlines shares dropping 4.5% and Qantas and Cathay Pacific down by 5.4% and 2.8%, respectively.

In contrast, defense stocks rose, propelled by heightened geopolitical concerns, with Mitsubishi Heavy Industries increasing by 3.6%. Oil prices surged over 10%, with Brent Crude reaching $82.37 per barrel.