Global stock markets are experiencing a significant downturn as fears of a prolonged energy crisis mount, following a major escalation in the Iran war which has seen attacks on energy sites. Brent crude oil prices briefly topped $119 per barrel, prompting investors to brace for inflationary pressures and recession risks. The FTSE 100 has dipped below the 10,000 mark, wiping an estimated £250 billion off the UK stock market amidst a broader selloff, with European shares sliding to a three-month low. Central banks, including the Bank of England and the European Central Bank, have maintained their interest rates, causing further unease in the markets as they warn of potential shocks to the economy. As the situation develops, traders are left grappling with the volatility and uncertainty that the conflict in the Middle East continues to bring to energy supplies and global markets.