Oil prices soared above $100 a barrel on Monday as the U.S.-Israeli war with Iran entered its 10th day and fears of a prolonged conflict sent shock waves through global energy markets, with multiple Iranian retaliatory strikes reported overnight across the region.
Global markets reacted sharply to the hostilities, with steep losses first hitting markets in Asia, where economies such as China rely heavily on oil imports from the Middle East. In Europe, the Stoxx Europe 600 fell more than 2 percent in early trading, while London’s FTSE 100 dropped more than 1.5 percent and Germany’s DAX declined more than 2.5 percent. U.S. futures also signaled a weaker open on Wall Street.