Huge crude oil spike and Asia plummet: How the Iran war hit the markets

Global commodity markets were jolted when they reopened on Monday, as the war on Iran continued to escalate over the weekend.

Israel struck over 30 oil depots in Iran on Saturday, including in Tehran and Karaj.

The strikes on depots went far beyond what the US expected when Israel notified it in advance, according to a report in Axios.

Iran threatened to attack oil facilities in neighbouring countries in response.

It launched a fresh wave of attacks on the Gulf on Sunday, with attacks reported in the UAE, Qatar, Bahrain and Kuwait.