Oil prices have surged globally as tensions between the United States and Iran escalate, with both nations engaging in targeted attacks across the Middle East.The conflict, which has intensified following renewed hostilities, has pushed international benchmark Brent crude above $85 per barrel.The attacks mark a significant escalation since the two nations previously agreed to a memorandum of understanding aimed at ending their conflict.Iran accused US forces of striking civilian and energy infrastructure, including airports, railway stations, and bridges, resulting in casualties.Meanwhile, US strikes on Iranian infrastructure have expanded, with no immediate official response from Washington.Global stock markets reacted negatively, with tech sectors particularly hard-hit.Asian and European markets experienced sharp declines, driven by fears of overbought conditions in technology stocks.The Nikkei 225 in Japan fell 4%, while Taiwan's Taiex dropped 6.5%.European indices also declined, though London showed relative resilience.Energy stocks rose due to higher oil prices, but luxury brands like Burberry faced declines due to weak financial reports.The situation underscores the ongoing geopolitical instability in the Middle East and its global economic repercussions.