Fresh concerns over the Middle East ceasefire and potential US interest rate hikes have sent shockwaves through global markets, causing oil prices to surge and stocks to tumble.

(Bloomberg) -- Stocks and bonds dropped as investors grappled with rising oil prices, mounting bets on US interest rate hikes and a pullback in the artificial-intelligence trade.

Investors’ reaction to the resumption of hostilities was helping fuel a downturn in the world’s financial markets.