World shares have tumbled sharply following the escalation of conflict in the Middle East, pushing crude oil prices to soar over $110 a barrel, with some regions experiencing spikes as high as $115. The chaos has significantly impacted Asian markets, notably Japan, where the Nikkei 225 dropped more than 7%, marking its third-biggest point decline. Other Asian indices and currencies also fell, reflecting investor fears of economic stagnation and inflation exacerbated by rising energy costs and a weakening yen. The heightened volatility in oil prices, tied to the ongoing war with Iran, has prompted widespread selling across global stock markets, leading to significant losses in the Dow, S&P 500, and Nasdaq futures.