Iran War Spikes Oil, Global Shares Tumble

This widespread sell-off was triggered by a sharp surge in oil prices, which spiked to nearly $120 a barrel and settled around $106 for Brent crude, marking a 15% increase from Friday's close. The escalation of the Iran war, now in its second week, is the primary catalyst, with both sides striking critical energy and civilian infrastructure, including oil depots and desalination plants.

This conflict has pushed crude prices to their highest levels in at least 14 years, raising concerns for economies heavily reliant on Middle East oil and gas imports. Analysts warn that persistently high energy costs will likely revive global inflation and significantly impede economic growth, creating a challenging "worst-case scenario" for central banks like the Federal Reserve, which face limited tools to address both issues simultaneously.

While Chinese markets showed more moderate losses, the overall sentiment is negative, with the U.S. dollar gaining as a safe-haven asset.