Energy prices soar as stock and bond markets consider long Middle East war

Global markets are reacting with alarm to an escalating war on Iran, causing US and European stock markets to plunge. Energy prices have soared significantly after Iran threatened vessels in the Strait of Hormuz, a critical chokepoint for global oil. Consequently, major producers like Qatar and Iraq are halting oil and gas production due to attacks and the inability to export. This disruption to energy supplies is fueling concerns about rising global inflation, as reflected in a sell-off of government bonds.