Oil prices rise sharply and gold declines as markets react to escalating exchanges of strikes between the United States and Iran in the Gulf region. Multiple outlets report that tensions centre on the Strait of Hormuz, a key shipping route, with differing statements from the two sides about the strait’s status. Tehran says it closes the waterway, while the United States says it remains open and that naval escorts have helped move vessels through the passage. Market impact is broad: Asian equities drop significantly, with reports of steep falls in indices such as South Korea’s Kospi. European and US trading sentiment also weakens, with stock futures and broader risk appetite moving lower. In parallel, oil gains of more than 4% are reported, reflecting supply and transit risk expectations tied to the conflict. Gold slides, suggesting a shift away from safe-haven positioning for that market during the sell-off. Several reports frame the move in prices and stocks as driven by the immediate threat to shipping and potential disruption, while investors await further developments and possible negotiations.