US–Iran conflict triggers oil spike and risk-off rout

An escalating US–Iran war and wider Middle East conflict are roiling global markets, sending oil prices sharply higher as traders brace for disruption in the Strait of Hormuz and key shipping lanes. Equities from Wall Street to Europe and Asia are selling off—Korea posts a record plunge, the Dow drops nearly 2%, and some Gulf exchanges halt trading—while Treasuries sink on renewed inflation worries. Investors are retreating into cash and money market funds as they reassess recession risks, central-bank paths, and which economies and sectors, especially Asian oil importers and energy-intensive industries, will be hardest hit if the shock endures.