Lebanon Crisis Triggers Global Market Turmoil Amid Escalating Middle East Conflict

Israel's military continues to pound Iran-backed Hezbollah militants in Lebanon, displacing over 100,000 people in a single day, according to the UN. The conflict has sparked warnings from Saudi Arabia's energy giant Aramco that it could have 'catastrophic consequences' for oil markets.

Oil prices tumbled after US President Donald Trump said he thinks the war is 'very complete, pretty much', with world oil prices dropping by around eight percent and European benchmark gas prices falling 15 percent.

The US has waived certain oil-related sanctions to reduce prices, while Iran's Revolutionary Guards have vowed to block oil exports from the region as long as the war continues.