Global oil prices eased on Friday after an earlier surge triggered by renewed security concerns in the Strait of Hormuz, while stock markets across Asia posted sharp losses amid growing investor uncertainty.

Brent crude, the international benchmark for oil prices, fell more than 2 percent after climbing as much as 4 percent earlier in the session.

The initial rally followed the International Maritime Organization’s (IMO) decision to suspend plans to evacuate ships stranded near the strategically important Strait of Hormuz after a cargo vessel reported being struck by what was described as an “unknown projectile” while transiting waters off the coast of Oman.

As of 07:30 GMT, Brent crude futures for August delivery were trading at approximately $73.85 per barrel, after briefly rising above $76 on Thursday.

Despite the recent volatility, Brent prices remain only about 2 percent higher than they were before the United States and Iran signed a memorandum of understanding last week aimed at ending nearly four months of conflict.

The latest security incident has renewed concerns about the stability of one of the world’s busiest energy shipping corridors, through which a significant share of global oil and natural gas supplies passes each day.

Investor anxiety also spread across Asian financial markets.

Major stock indices in Japan, South Korea, Hong Kong and Taiwan all recorded significant declines as concerns over regional tensions combined with weakness in the technology sector.

South Korea’s Kospi index, one of Asia’s strongest-performing benchmarks this year, closed down 5.8 percent after falling as much as 9 percent during trading.

Technology stocks led the decline, with memory chip manufacturers SK Hynix and Samsung Electronics falling 8.4 percent and 5.3 percent, respectively.

The sell-off accelerated after Apple raised prices for its Mac computers and iPad devices in response to rising memory chip costs, fueling concerns that higher retail prices could weaken demand for DRAM and NAND flash memory products.

Elsewhere in the region, Japan’s Nikkei 225 dropped more than 4 percent, while Taiwan’s Taiex index declined about 3.6 percent.

Markets remain focused on developments in the Strait of Hormuz, where any further disruption to shipping could have significant implications for global energy supplies, inflation and investor sentiment.