India, Sept. 2 -- Global stock markets fell on Wednesday as fresh US airstrikes on Iran pushed oil prices to a five-week high. Investors grew worried that the conflict could disrupt energy supplies and increase inflation around the world.

The US carried out strikes on Iranian military targets near the Strait of Hormuz. Iran said it responded by targeting US assets across the region. Reuters said the exchange was the most significant round of fire between the two sides in several weeks. The latest attacks increased fears of further disruption to oil supplies. Brent crude futures rose to $94.87 a barrel, up 0.1%.

Oil prices are becoming a major concern for financial markets because higher energy costs can push inflation higher. Investors ...