Iran is one of the world’s major producers of oil, though sanctions by Western countries have limited its sales. If a wider war erupts, it could slow the flow of Iran’s oil to its customers and keep the price of crude and gasoline higher for everyone worldwide.

Beyond the oil coming from Iran, analysts also points to potential for disruptions in the Strait of Hormuz, a relatively narrow waterway off Iran’s coast

Equity indices plummeted due to global market weakness, Brent crude spike, and geopolitical tensions, impacting investor sentiment negatively.