Global markets tumble amid rising tensions

Global financial markets opened with a cautious tone, as investors reacted to escalating international tensions.

European stocks plummet as middle east crisis deepens

The Ibex 35 in Spain, the Cac in France, and the FTSE in Germany all witnessed sharp declines, driven by ongoing geopolitical uncertainty and the impact of the oil price surge.

Oil prices rebounded, with Brent crude rising 5% to $92 per barrel, while WTI climbed 4.5% to around $87, following the International Energy Agency's proposal to release the largest amount of emergency oil reserves in history to curb prices.

The Strait of Hormuz crisis has led the US to ease sanctions on Russia, while Saudi Arabia is refocusing its production to export from the Red Sea instead of the Persian Gulf.

In Spain, retailer Inditex reported record-breaking earnings, but its stock reacted with a muted response, rising only 1.2%, amid concerns over consumer spending in the wake of the Iran-Israel conflict. With nearly 500 stores in countries affected by the tensions, Inditex's business is worth billions of euros.