Asian markets steady as oil spikes amid Iran tensions
Asian markets didn't move much on Monday, but there's a lot going on behind the scenes.
Tensions between the US and Iran caused trouble at the Strait of Hormuz, a major route for oil, which made investors nervous.
As a result, S&P 500 futures slipped 0.8% after last week's high, and people flocked to the dollar for safety.
Meanwhile, "riskier" currencies like Australia's and South Africa's lost ground, and gold prices dropped by 1.7%.
Energy prices surge after Hormuz closure
With the Strait of Hormuz closed off, oil prices shot up: Brent crude surged over 7% to nearly $97 a barrel.
Shipping costs climbed and inflation worries grew, even affecting government bond yields.
European gas prices also jumped by up to 11% as the situation tightened.
The situation got even messier after the US seized an Iranian vessel, making everyone more cautious about what comes next for global trade and energy costs.