Global Markets Tumble Amid US-Iran Escalation

European markets experienced a sharp decline due to escalating conflicts between the US, Israel, and Iran, sending oil prices soaring and causing inflation concerns. Central banks held rates steady amidst uncertainty, while the dollar gained strength as a safe haven. Global equities also saw significant drops.

European markets faced a significant downturn on Thursday as rising tensions in the US and Israel's ongoing conflict with Iran pushed oil prices higher, sparking inflation concerns.

Attacks on key energy facilities across the Middle East accelerated Brent crude oil prices to $115 a barrel, leading to a 2% drop in the FTSEurofirst 300 index.

Amid heightened uncertainty, central banks have opted to maintain current interest rates, with the Bank of England and European Central Bank both holding steady. The ECB warned that the Iran conflict could impact growth and inflation.

(With inputs from agencies.)