**Middle East Tensions Spark Global Markets Jitters** In the early hours of Monday, the news of a US-Israeli strike on Iran sent shockwaves across global markets. The repercussions of this attack have been felt in various corners of the world, particularly in Asia, where oil prices skyrocketed and stocks plummeted. The situation in the Middle East has been volatile for a while now, with tensions simmering between Iran and the US. The latest development has escalated the situation, and investors are now bracing themselves for a prolonged conflict in the region. This has resulted in a massive surge in oil prices, with Brent oil spiking almost 14% and West Texas Intermediate increasing by nearly 12%. The Strait of Hormuz, a vital waterway that accounts for approximately 20% of the world's seaborne oil trade, has effectively been shut down, with several ships being attacked. This has led to supply fears and a massive selloff in equity markets across Asia. The Tokyo, Hong Kong, Singapore, Mumbai, Bangkok, Wellington, and Taipei stock exchanges all saw significant losses, with US futures also plummeting by more than one percent. However, there were some exceptions in the Asian markets, with Shanghai edging up and Sydney remaining flat. Airline stocks were among the hardest hit, with Cathay Pacific, Qantas, and Singapore Airlines experiencing significant losses. Energy firms, on the other hand, rallied, with Woodside Energy, Santos, and PetroChina seeing significant gains. The situation in the Middle East has also sparked a surge in gold prices, with the precious metal climbing by two percent. The safe-haven asset has become a popular choice for investors seeking to hedge against market volatility. The US dollar also saw a boost, as investors flocked to safe-haven assets. While the strikes have heightened geopolitical concerns, traders seem to be scaling back their initial bets, with crude prices stabilizing around five percent higher and stock markets paring losses. The situation remains volatile, and investors are closely watching the developments in the Middle East. The impact of higher oil prices on the global economy cannot be overstated. As Charu Chanana, a market analyst, noted, higher oil prices can lead to stickier headline inflation and slow the pace of inflation improvement. This, in turn, can make the Federal Reserve more cautious about cutting interest rates, as energy-driven inflation can spill into expectations and broader pricing behavior over time. As the situation in the Middle East continues to