Global markets reel as military strikes on Iran send energy prices soaring and stocks tumbling. U.S. futures drop, tracking losses in Europe and Asia. Crude oil prices surge, with Brent crude reaching nearly $79. Travel stocks plummet as higher fuel costs loom. European markets slide, with Germanys DAX down 1.9%, Pariss CAC 40 losing 1.7%, and Londons FTSE 100 off 1%. In Asia, results are mixed. The dollar strengthens amid the turmoil. One fifth of the worlds oil and liquefied natural gas passes through the Strait of Hormuz, and attacks there threaten exports, including Irans 1.6 million barrels a day mostly to China. Markets absorb the shock better than expected, shifting focus from AI hype and hotter-than-expected U.S. wholesale inflation at 2.9%.
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