Global markets were on the back foot following the U.S. and Israeli strikes on Iran, which heightened tensions in the Middle East. Asian markets initially saw lower, but some gains were partially offsetted by oil and gold mining stocks, particularly in Australia. Energy prices surged as investors priced in the risk of a broader Middle East conflict and increased gold's appeal. JPMorgan warned that if disruptions extend beyond three weeks, Gulf producers could exhaust storage capacity and be forced to shut in output, a scenario that could push Brent into the $100–$120 range. Airlines were the largest losers across the board, with over 50% of global flights heading to Middle East region cancelled. The dollar index strengthened about 0.61%, while the Swiss franc also saw a slight rally, appreciating 0.1%.