Global markets reacted sharply to American President Donald Trump's emergency address on the Iran situation. Asian stock markets recorded a decline, while oil prices surged.

Oil was trading between 99 and 102 dollars per barrel, as the blockade of the Strait of Hormuz reduced shipping traffic by 95 percent, disrupting approximately 20 percent of the global flow of oil and gas.

The UN trade agency warned of a slowdown in global trade and reduced economic growth as a consequence of the escalation.

Trump also used the opportunity to threaten withdrawal from NATO due to insufficient support from allies, provoking reactions from European leaders who reaffirmed their commitment to the Alliance's defense mission.

Market volatility is expected to continue until the future course of the conflict and the status of the Strait of Hormuz are clarified.