New US strikes on Iran sent shockwaves through global markets on Monday. Brent crude surged 4.1% to $79.12 a barrel, while futures pointed to the Nasdaq 100 and S&P 500 opening down 1.2% and 0.5% respectively. In Asia, South Korea’s Kospi slumped 8%, triggering a trading halt; Japan’s Nikkei 225 fell 2% and China’s CSI 300 dropped 1.7%. The dollar edged up 0.2% and 10‑year US Treasury yields rose to 4.58%.

“It’s global risk off,” said Jason Lui, head of Asia‑Pacific equity and derivative strategy at BNP Paribas. Albert Saporta, chief executive of GAM Holding, warned of a “secular bear market in the making.” Goldman Sachs noted that the oil rally reflects the strategic importance of the Strait of Hormuz. AI memory‑chip makers bore the brunt of the sell‑off, with SK Hynix tumbling over 13%, Kioxia down more than 12%, and Samsung Electronics retreating 9%.

The heightened hostilities raise fears of a broader conflict, putting a cease‑fire on the brink of collapse and underscoring the market’s risk‑averse stance.