# Lloyd's

Markets Plunge as US–Iran Escalation Deepens; Oil and Insurance Become the New Market Fault Lines

Asian markets opened sharply lower amid an escalation between the United States and Iran that killed three US service members and prompted renewed threats from both sides. The immediate market response has been sharply polarized — heavy selling in travel and cyclicals alongside gains in resource stocks — while oil prices and the availability of war‑risk insurance have emerged as the crucial variables to watch.