Asian stock markets extended losses to a third consecutive day while oil prices surged above $83 per barrel amid escalating Iran tensions. The FTSE 100 and European markets recovered slightly, but energy volatility remains the dominant concern. Brent crude has jumped 15% since Israel and the US began bombing Iran, with Saudi Arabia reporting a second drone attack on its Ras Tanura refinery this week. QatarEnergy suspended liquified natural gas production, adding pressure on global supplies. Roughly 200 tankers are stranded near the Strait of Hormuz after Iran threatened to target shipping, causing insurance premiums to spike significantly. UK inflation could face additional pressure if elevated oil and gas prices persist, though analysts note current increases remain modest compared to post-Ukraine invasion levels.