Oil surged while stocks and bonds fell after President Donald Trump ordered a blockade of the Strait of Hormuz, heightening tensions with Iran following the collapse of weekend peace talks.
Brent crude jumped 7% to just under $102 a barrel on concern a blockade will disrupt energy flows through the key waterway. Asian shares dropped 0.9%, although tech companies showed resilience. S&P 500 Index futures fell 0.7% as higher oil prices threatened to weigh on economic growth and European shares were primed to drop 1.5% at the open.
