Global markets plunged Friday as Secretary of State Marco Rubio warned the war in Iran could stretch for another two to four weeks beyond initial expectations. Speaking to G7 foreign ministers in France, Rubio said US military operations would end "in a matter of weeks, not months," contradicting President Trump's 10-day deadline for negotiations with Tehran.

Oil prices surged toward $115 a barrel, with Brent crude reaching its highest level since the conflict began a month ago. Shipping through the Strait of Hormuz has dropped 97% since the US and Israel launched their offensive, with only 32 tankers making the journey compared to 1,743 in the previous period. The Strait of Hormuz handles a fifth of the world's oil supply.

Wall Street suffered its second steep decline in a row, with the S&P 500 tumbling about 7.4% since the war began. The tech-heavy Nasdaq Composite slipped into correction territory, down more than 10% from its October peak. Citigroup warned of "significant downside risks for the global economy" as investors bet central banks will raise borrowing costs to combat energy-driven inflation.