Iran denied there had even been talks with the U.S., though efforts are under way to have both sides meet face to face this week. Further missile barrages overnight from Iran underlined that the conflict rattling the global economy isn’t winding down. Brent oil is back above $100 a barrel and U.S. stock futures point to a tepid start when trading begins.

This volatility reflects deep investor anxiety about how prolonged hostilities could disrupt energy supplies and corporate earnings across multiple sectors.