Global Markets Reel: Asian Shares, US Futures Drop, Oil Surges on Iran-Israel Conflict

• Asian shares and US futures declined, while oil prices jumped due to the escalating Iran-Israel conflict.
• US stocks fell, crude oil surged, and the dollar strengthened amidst global market uncertainty.
• Benchmark crude oil initially increased 13% before paring gains, driven by fears over the Strait of Hormuz closure.
• Haven assets like Treasuries and gold saw a boost, with gold advancing 1.6% to nearly $5,360 an ounce.
• The conflict adds to market anxieties over AI, credit cracks, and high valuations, with oil and inflation being key concerns.