Global financial markets faced a seismic shock on Monday as the intensification of the conflict between the United States, Israel and Iran sent crude oil prices soaring above $120 per barrel.
The violent escalation, which has targeted critical energy infrastructure and effectively halted transit through the Strait of Hormuz, has triggered a wave of risk aversion across every major trading hub.
As Asian shares plunged and European markets opened deep in the red, US equity futures signalled a grim start to the week.
Investors are scrambling to price in the geopolitical chaos, with concerns mounting that the closure of the Strait, a waterway through which 20 per cent of the world’s oil supply flows, could push the global economy toward a period of stagflation.
Global financial markets faced a seismic shock on Monday as the intensification of the conflict between the United States, Israel and Iran sent crude oil prices soaring above $120 per barrel.
The violent escalation, which has targeted critical energy infrastructure and effectively halted transit through the Strait of Hormuz, has triggered a wave of risk aversion across every major trading hub.
As Asian shares plunged and European markets opened deep in the red, US equity futures signalled a grim start to the week.
Investors are scrambling to price in the geopolitical chaos, with concerns mounting that the closure of the Strait, a waterway through which 20 per cent of the world’s oil supply flows, could push the global economy toward a period of stagflation.