Global Markets Reel Amid US-Israeli Attacks on Iran

Global markets were shaken following US and Israeli attacks on Iran. US futures fell over 1%, oil prices surged, and defense contractors saw gains. The attacks have raised concerns about disruptions to oil supplies, particularly through the Strait of Hormuz, affecting global oil exports and market stability.

Monday saw a significant upheaval in global markets following US and Israeli military actions in Iran. U.S. futures dropped by more than 1%, with pronounced effects in European and Asian markets as the cost of oil soared.

Energy prices surged, notably with Brent crude nearing $80 per barrel due to fears of disrupted oil flows through the strategic Strait of Hormuz. This strait is crucial, handling a significant portion of the world's oil and LNG exports.

Despite anticipated attacks, markets remained tense. Defense stocks benefited, even as investors sought safety in gold and the dollar. Inflation concerns and potential Federal Reserve rate hike delays added further volatility.

(With inputs from agencies.)