Oil Surges, Gold Hits New Highs as Escalating Iran Conflict Roils Global Markets

Global financial markets experienced a significant shock as an escalating war in Iran triggered a massive flight to safety, sending crude oil prices surging and gold to record highs. Brent crude topped $110 a barrel while gold exceeded $4,500 an ounce amid fears of a wider conflict and major disruptions to energy supplies through the Strait of Hormuz. The risk-off sentiment hammered equities worldwide, with major U.S. indices like the S&P 500 and Dow Jones Industrial Average posting significant losses as investors grappled with the dual threats of a potential energy crisis and resurgent inflation.