Since the initial US-Israeli strikes on Iran on Saturday, the conflict has widened beyond Iran itself: Tehran has retaliated by targeting Gulf energy infrastructure, including Qatar's Ras Laffan LNG complex, prompting QatarEnergy to halt production and forcing many shippers to avoid the Strait of Hormuz. That escalation has sharpened the main macro risk for investors, a sustained jump in oil and gas that would feed through into higher inflation and make central banks more cautious about cutting interest rates. Markets have moved into 'risk-off': Europe's Stoxx 600 fell about 2.5% and US equity futures pointed lower, while short-dated government bond yields rose as traders pared back rate-cut bets. Energy was the standout, with European gas spiking while Brent crude hits around $81 a barrel.