"Middle East Tensions Drive Oil Surge, Impacting Global Markets"

Asian shares and bond yields dropped while safe-haven currencies, gold, and crude oil surged following reports of heightened tensions in the Middle East, with Israeli missiles reportedly hitting a site in Iran. This news, coupled with concerns about protracted tight monetary policy and disappointing semiconductor earnings, led to a significant risk-off move in the markets. The escalation in Middle East hostilities has raised worries about potential volatility in the region, contributing to a triple whammy effect on market sentiment.