Benchmark global and U.S. oil prices hit their highest levels in almost two years as U.S. Treasuries fell for the fifth day in a row.

U.S. oil prices hit 2024 highs and stocks tumble as the Iran conflict escalates, threatening global markets and inflation.

FTSE 100 and France’s CAC down 1.5%; Germany’s DAX and Italy’s FTSE MIB down 1.6%; the Dow Jones was down 2%