Oil prices surge and US stocks fall amid Middle East conflict fears

Oil prices spiked sharply, with US oil rising over 8% to top $81 per barrel, driven by fears of a protracted conflict between the US/Israel and Iran. This triggered a significant selloff in US and European stock markets, with the Dow Jones closing down nearly 800 points. The surge in oil prices and the resulting market volatility are attributed to investor concerns over the escalating tensions in the Middle East.