Brent Crude Soars to Record Monthly Gain Amid Iran War; Asia Shares Plummet

• Oil prices, including Brent crude and US crude, are set for record monthly gains, with Brent up 59% and US crude up 56%, driven by the Middle East conflict.
• Asian shares face their steepest fall since 2022, with MSCI's broadest index of Asia-Pacific shares outside Japan down over 12% for the month.
• The war in the Middle East fuels fears of higher inflation and slower growth, leading investors to take a 'risk off' approach.
• Bonds are experiencing their largest decline in months due to hawkish shifts in interest rate outlooks, while the dollar records its strongest gain in eight months as a safe-haven asset.
• US President Donald Trump's willingness to end the military campaign against Iran, even with Strait of Hormuz closures, offered a slight market rebound.