Stock markets in the Middle East also recorded heavy losses on Monday, as concerns about a possible Iranian strike on Israel added to the bearish sentiment recorded in shares globally.

The Tel Aviv stock market is down 3.1% and is trading at its lowest level since February, extending last week’s 3.3% drop (the biggest weekly drop since last October). The shekel fell 1% against the dollar to a 9-month low.

The latest losses were triggered in part by a report by the website Axios that US Secretary of State Antony Blinken told his G7 counterparts that Iran and Hezbollah could attempt an attack as early as Monday. Citing three unnamed sources, Axios said Blinken predicts the attacks will begin within the next 24-48 hours.

However, regional markets are also being dragged down by the global selloff triggered by signs of a slowing US economy.

At -7% the Stock Exchange of Turkey

Thus, Saudi Arabia’s Tadawul index and Egypt’s Hermes index fell by 3.7% and 5.8% respectively. Turkey’s stock market index was in free fall, recording losses of up to 7%.