The war in the Middle East has plunged financial markets around the world into turmoil for a second day, with oil and gas prices surging and share indices plummeting days after the US-Israel attack on Iran.

After a calm Monday, US stocks fell sharply after trading opened on Tuesday, with the Dow dropping more than 2% before paring back those losses. At Tuesday’s closing, the Dow had dropped 400 points, or 0.8%, while S&P and Nasdaq saw similar dips.

Earlier in the day, the London stock market dropped deep into the red, with the FTSE 100 index closing 2.75% lower, it’s biggest one-day fall since Donald Trump’s “liberation day” tariff shock 11 months ago. Almost all listed stocks fell.

In Asia, stock markets also tumbled, with…