European stock markets experienced significant declines on Monday, March 2, following a joint US-Israeli offensive against Iran and the reported death of Iran's Supreme Leader, Ali Khamenei. France's CAC 40 index fell 1.9%, Germany's DAX 30 dropped 2.2%, and the UK's FTSE 100 was down 1%. This downturn mirrored earlier losses in Asian markets, with the Asia Dow index declining nearly 2%. The primary driver of the slump was a sharp increase in energy prices, with Brent crude nearing $80 per barrel and Dutch TTF gas prices surging 23%. The conflict's impact on the Strait of Hormuz, a critical transit point for global oil and LNG, led to a near standstill in tanker traffic, with French-flagged vessels reportedly taking shelter on naval instructions.