Global Markets Tumble as Oil Surges After US-Iran Tensions Escalate

Global share markets slipped on Thursday as heightened tensions between the United States and Iran led to financial uncertainty. The US military's recent operations, deemed defensive, targeted Iranian sites, sparking investor anxiety.

Meanwhile, oil prices climbed significantly, gaining more than USD 2 per barrel, following substantial losses the previous day. Analysts suggest the fluctuating geopolitical climate may hinder market stability. Experts like Tan Boon Heng from Mizuho Bank express concerns about the possibility of a conclusive US-Iran accord.

European markets remained relatively stable in early trading, but significant declines were observed in Asian markets. Breathing life into stocks with high fuel expenses, recent slumps in oil prices spurred record-high performances on the US stock market.

Despite inflationary pressures and economic uncertainties, strong corporate profits have buoyed US stocks early this year. Market figures suggest potential disruptions may persist without significant diplomatic progress between Iran and the United States. The dollar saw minor fluctuations against global currencies in Thursday trading.

(With inputs from agencies.)