Stock markets around the world are experiencing significant declines as oil prices soar, reaching nearly $120 per barrel amidst escalating tensions in the Middle East, particularly related to the Iran conflict. The Dow Jones Industrial Average opened down over 700 points and further dropped by 800 points as traders reacted to fears of stagflation and inflation. Analysts warn of a potential 10% correction in the market due to the disruption in oil supply and rising gas prices, which are predicted to reach $4 a gallon. Concerns are exacerbated by geopolitical instability, with major indices like the S&P 500 and Nasdaq also reflecting the sell-off. The situation remains volatile, with investors on alert for potential economic repercussions as the conflict continues.