The escalating tensions in the Middle East are testing the global markets, with risk aversion clearly increasing, the US dollar strengthening, and major stock indices in Saudi Arabia and Egypt falling more than 2%. Bitcoin also dropped about 2%. Investors are closely watching the opening of US stock index futures, worried that the conflict could disrupt oil transportation through the Strait of Hormuz, driving up crude oil prices and adding new inflation pressures. Analysts warn that rising commodity prices could trigger a sell-off in the already sensitive stock markets.