Global Markets Plunge as Trump Announces Iran War Escalation

Global markets plunged after Trump announced an escalation of the Iran war.

Brent crude surged about 5 percent to above $106 per barrel.

Al Jazeera

The MSCI Asia-Pacific index fell 1.5 percent, erasing post-war gains.

Trump's speech did not deliver signs of an end to hostilities.

Brent crude prices rose above $115 per barrel, the highest since July 2022.

The rise in fuel prices exacerbated global economic headaches.

Atalayar

Middle East airspace closures forced airlines to reroute thousands of flights.

Middle Eastern carriers account for just 9.5 percent of global transport capacity, but hubs are crucial.

The dollar strengthened as a safe-haven asset.

U.S. Treasuries fell and yields rose.

Precious metals declined, with silver dropping about 3 percent.

Cryptocurrencies moved into a bearish phase.

Trump warned the war could escalate to attacks on Iran’s energy infrastructure.

He stressed the United States does not need the Strait of Hormuz.

Atlantic Council

This marked a stark shift from initial campaign promises to bring troops home.

The escalating economic costs increased pressure on the administration.