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Global financial markets closed out a turbulent month under heavy pressure as the ongoing Middle East conflict between the United States, Israel, and Iran continued to shake investor confidence. Oil prices surged to historic levels, Asian equities collapsed, bonds sold off sharply, and the U.S. dollar strengthened considerably — painting a grim picture for the global economic outlook.
Brent crude futures climbed toward a staggering 56% monthly gain, the largest on record, while U.S. crude tracked a roughly 54% rise — levels not seen in nearly six years. The oil rally has sparked widespread fears of persistent inflation and slower global growth, with analysts warning that prolonged elevated energy prices could force central banks to maintain tighter monetary policy longer than previously anticipated.
Asian stock markets bore the brunt of the selloff. The MSCI Asia-Pacific index outside Japan fell more than 13% for the month — its steepest drop since the COVID-19 crash in March 2020. South Korea's Kospi plunged over 18%, marking its worst monthly performance since 2008, while Japan's Nikkei lost nearly 13%. The region's heavy reliance on Middle Eastern energy imports has made it particularly vulnerable to the oil price shock.
Bond markets also took a beating as investors recalibrated interest rate expectations. The U.S. Federal Reserve, which had been expected to cut rates by over 50 basis points before the war broke out, is now projected to hold rates steady for the year. Treasury yields surged to their highest monthly increases since late 2024, reflecting the hawkish shift in the global rate outlook.
The U.S. dollar surged nearly 3% against a basket of major currencies, reinforcing its status as a key safe-haven asset. Meanwhile, several Asian currencies — including the Indian rupee, Indonesian rupiah, and Philippine peso — tumbled to record lows. Gold continued its upward climb, trading above $4,564 per ounce as investors sought refuge in safe assets amid the deepening geopolitical uncertainty.
