Global equity markets took a hit as geopolitical alarm bells sounded following Israel's strikes on Iran, sending crude oil soaring and shaking investor confidence. Indian indices fell nearly 1%, with the Sensex tumbling about 573 points and Nifty dipping below 24,750, as escalating tensions weighed heavily on sentiment in Asia.

Crude oil surged to nearly $75 per barrel, hitting its highest level in months on fears of disrupted supply from the Middle East. U.S. futures slumped over 1.5%, European shares dropped roughly 1%, and key Asian markets also posted losses - adding to the global sell-off .

Analysts point to a classic flight-to-safety scenario: investors dumping equities and flocking to safe-haven assets like gold and the U.S. dollar amid uncertainty. Additionally, rising oil adds inflationary pressure, potentially challenging central bank policy and growth forecasts .

With J.P. Morgan warning oil could surge to $120 per barrel in a worst-case regional conflict scenario, markets remain jittery. Traders are now closely watching Iran's response and central bank cues as this geopolitical flare-up unfolds.