Oil spike, global stock swings, inflation jitters

An escalating Iran war and U.S. airstrikes have sent crude oil prices sharply higher on fears that key Middle Eastern shipping lanes could be disrupted, raising the risk of an oil-driven inflation shock. Global stocks and U.S. futures initially sold off hard—with the Dow at one point down about 900 points—before major indexes clawed back much of their losses as traders bet the conflict may remain contained. Treasuries slumped on rising inflation worries, volatility spiked, and markets polarized, with energy and shipping names soaring while broader equity benchmarks and Bitcoin wobbled, and safe-haven metals like gold and silver jumped.