Global markets tumbled Tuesday as intensifying hostilities between the United States and Iran sent shockwaves through equities, crypto assets, and commodities, with oil emerging as the sole beneficiary of the geopolitical turmoil.

The S&P 500 shed 2.2%, while the Nasdaq Composite retreated 2.1% and the Dow Jones Industrial Average dropped more than 2.3%. Energy stocks bucked the trend, posting gains as crude prices surged.

Digital assets reversed course after Monday’s rally. Bitcoin declined roughly 3%, sliding from nearly $70,000 to approximately $67,500. Ethereum fell 4% to about $1,940, and Solana lost 4% to trade near $83.50.

Precious metals suffered steep losses despite their traditional safe-haven appeal. Gold tumbled more than…