European and world stock markets, including Asian equities, are experiencing downward trends for the fifth consecutive week due to intensifying Middle East conflict, which has also caused oil prices to surge towards $117 per barrel and led to a rebound in soybean and corn prices, further fueled by fears of escalation in Iran.

Mohammad Bagher Zolghadr, a hardline ex-Revolutionary Guards commander, has been appointed as the new Secretary of Iran's Supreme National Security Council, succeeding Ali Larijani, who was reportedly killed in a US-Israeli attack. Officials believe his military and government experience makes him suitable for coordinating the country’s national security policy.