Oil prices surge and markets react as Iran conflict continues

The ongoing conflict involving Iran is causing significant movement in global markets. Oil prices are heading for a record monthly gain, while stock markets in Asia are sliding and European markets are mixed as investors react to the uncertainty.

Long fuel queues have been reported in places like Myanmar, deepening a fuel crisis. Meanwhile, Australian coal shares have surged as the situation highlights broader energy security concerns. The conflict, now in its fifth week, is putting heavy pressure on global energy supplies and financial markets.