Oil prices surged Monday, and global markets quickly reacted with sharp losses. Investors fear a long conflict across the Middle East. As a result, stocks fell in major financial markets worldwide.

Meanwhile, oil traded just under $100 per barrel on Monday. That price sits more than 30 percent higher than before the war began on Feb. 28. Earlier, prices briefly spiked close to $120 before easing slightly.

However, leaders from the Group of Seven nations met urgently by video. They discussed ways to prevent a global fuel shortage. For now, the countries decided not to release oil from emergency reserves. Still, officials kept the option open if supplies tighten.

At the same time, fuel costs already affect consumers. In the United States, gasoline reached an average of $3.48 per gallon Monday. That price jumped more than 16 percent since the conflict began.

Consequently, investors worry about the war’s uncertain path. Fighting continues across several countries, and no clear end appears in sight. Markets often react quickly when oil supplies face disruption.

Meanwhile, Israel and the United States launched fresh strikes inside Iran. In response, Iran carried out attacks across the region. As the war enters its tenth day, casualties continue to climb.

Iranian officials say about 1,300 people have died from recent strikes inside the country. At the same time, Iranian attacks across the region killed more than 30 people.

Additionally, violence spread into Lebanon. Israeli airstrikes killed nearly 500 people, according to state media reports. Furthermore, Lebanon’s president said more than 600,000 residents have fled their homes.

At the political level, Iran also named a new supreme leader Monday. Senior clerics appointed Mojtaba Khamenei after threats targeted the current leadership. Iran’s military and hardline factions strongly supported the choice.

However, not everyone welcomed the decision. In Tehran, some residents reportedly shouted protests from apartment windows. Those chants reflected growing frustration among government critics.

Meanwhile, tensions reached other countries in the region. Turkey said its NATO defenses shot down a ballistic missile launched from Iran. Officials claimed the missile targeted Turkish territory.

Elsewhere, Saudi Arabia reported intercepting drones and missiles aimed at key energy sites. In Bahrain, the national energy company said it could not meet contracts after attacks damaged its refinery.

Therefore, fears about energy supply continue to grow. If the conflict expands further, oil prices could climb even higher. Markets now watch closely for the next move from global leaders.