Global markets came under pressure on Monday as oil prices surged and equities declined amid fears that escalating conflict in the Middle East could drag on for weeks and disrupt the fragile global economic recovery, Reuters reports.
Benchmark Brent crude climbed 6.4% to $77.57 a barrel after briefly rising above $82 earlier in the session. U.S. West Texas Intermediate crude increased 6.2% to $71.17 per barrel, while Gold rose 1.6% to $5,360 an ounce as investors sought safe-haven assets.
The surge followed continued military strikes by the United States and Israel on Iran, alongside Iranian missile attacks