Middle East tensions and oil prices send global markets into retreat

Stocks retreated as crude oil remained above $90 a barrel, while the safe-haven dollar strengthened amid concerns over escalating violence in Gaza and the potential for the conflict to spread beyond Israel and Hamas. Israel's shekel hit an eight-year low after Prime Minister Benjamin Netanyahu vowed to retaliate against Hamas, and U.S. Secretary of State Antony Blinken is visiting the region to prevent further escalation. Crude oil futures reached a recent high before trading little changed, and global stock markets, including Japan's Nikkei and Hong Kong's Hang Seng, fell. The situation remains dynamic, with markets closely watching for developments and actions from Iranian officials.