The global market has continued to tumble as the U.S.-Israeli attacks on Iran enters its fourth day on Tuesday, with the Islamic republic expanding its retaliatory attacks across the Persian Gulf region. 

According to the New York Times, stocks markets in Asia and Europe declined significantly for the second consecutive day on Tuesday as the main index in South Korea fell by seven per cent, while stocks in Japan dropped by three per cent.

In North America, the U.S. stock market experienced a fall as the S&P 500 fell by 1.5 per cent when it opened on Tuesday. The situation is the same in Europe, where every market across the continent is in the red.

The Stoxx Europe 600 index fell nearly three per cent, with investors around the world selling off their bonds amid uncertainty over the military action in Iran which President Donald Trump suggested could last for four weeks. 

Additionally, oil price has surged by seven per cent, pushing past $8 per barrel after Saudi Arabia’s Aramco closed the Ras Tanura oil refinery on Tuesday following attacks by Iranian drones, causing fire damage to part of the facility. 

The refinery processes about 550,000 barrels of oil per day, making it one of the largest refining and export hubs in Saudi Arabia. 

Likewise, QatarEnergy halted the production of liquefied natural gas on Tuesday after its facilities were attacked by drones fired from Iran on Monday, causing gas cargoes in Asia to rise by 45 per cent. 

Shipping disruption along the Strait of Hormuz after Iran threatened to close the waterway also upended the energy mark. At least 20 per cent of the global shipping of oil and gas passes through the strait.