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Oil prices rose sharply by around 5% on Monday, while stocks across Asia retreated steeply as markets reopened after the weekend, reflecting renewed concerns following Iran's first attack on Israel since an April 8 ceasefire.
In early trading, Brent crude, the international benchmark, climbed to $97.5 per barrel, while U.S. benchmark West Texas Intermediate (WTI) rose to $94.7 per barrel as of 5:30 a.m.
Across Asia, Japan's tech-heavy Nikkei 225, which had repeatedly hit record highs this year, fell 4.4%, while South Korea's Kospi tumbled more than 6.7%. Hong Kong's Hang Seng dropped 1.9%, and China's Shanghai Composite slipped around 2%.
Pan-European Stoxx 50 futures lost 1.5%, while futures tied to major U.S. indexes also traded in negative territory.
Precious metals mostly moved lower. Gold fell about 1% to around $4,290, while silver dropped 1.9% to $66.5 per ounce. Platinum declined 1.6% to $1,730, while palladium bucked the trend, edging up 0.2% to $1,210 per ounce.
Cryptocurrencies partially recovered from last week's sharp losses, with bitcoin rising 1.6% to $62,720 and ethereum gaining 3% to $1,650.
Air raid sirens sounded across Israel on Sunday after the Israeli military reported intercepting incoming Iranian missiles, marking the first such barrage since a ceasefire took effect in April.
Iran's Revolutionary Guards described the attack as a "warning" following Israeli strikes on Beirut's southern suburbs earlier in the day, warning that further aggression could trigger a broader response.
U.S. President Donald Trump urged both sides to avoid further military action, calling for restraint after the exchange of strikes.
"I am going to call Bibi right now and tell him not to retaliate," Trump was quoted as saying in a phone interview with Axios. "Israel had its strike and Iran had its strike. We don't need another one," he added.
Despite those remarks, Israel responded with retaliatory strikes on Iran, targeting military facilities and a petrochemical company in Mahshahr, a city in southwestern Iran.
In a separate interview with Fox News, Trump urged Tehran to return to negotiations. "What I would suggest to Iran: You've shot your missiles, that's enough, get back to the table and make a deal," he said.
Iran has maintained that any agreement aimed at permanently ending the conflict must also address the fighting in Lebanon, where Israel has been conducting operations against the Iran-backed Hezbollah movement.
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