Oil Price Surge Sends Shocks Through Global Markets

Iran's ongoing conflict with the US continues to weigh heavily on global markets. The tension has led to rising crude oil prices, driven by Brent crude reaching a new high of $91.4 per barrel.

The increase in oil prices is causing concern among investors, and it's fueling a surge in bond yields, particularly 30-year rates which have reached their highest level since 2007.

As a result, European stock markets are under pressure, with the FTSE MIB in Milan leading the decline. The Nasdaq is also down due to profit-taking in the tech sector.