Global markets plummeted Thursday as the Iran-Israel conflict escalated, with no signs of abating. Futures for major indices dropped, and oil prices surged amid supply fears. Irans attacks on shipping in the Strait of Hormuz and nearby oil fields exacerbated the situation. Global leaders responded with a historic release of emergency oil reserves. Markets worldwide felt the impact, with Asian indexes down and European benchmarks mostly flat or lower. Analysts predict volatile swings ahead due to the conflicts uncertainty.
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