, March 4 -- Global gas and oil prices surged while stock markets across the world fell sharply as the Middle East conflict intensified, raising concerns about its duration and economic impact.

In the UK, gas prices hit their highest level in three years on Tuesday after significant gains on Monday, while Brent crude briefly exceeded $85 a barrel, a level last seen in July 2024. Major stock indexes in the US, Europe, and Asia also suffered losses.

Investors are assessing the economic consequences of the Israel and US airstrikes on Iran and Tehran's retaliatory measures, including potential effects on inflation and interest rates.

Analysts fear that disruption in this critical energy and shipping region could mirror the impact of Russia...