FTSE 100 on track for its worst day in 11 months, while Japan’s Nikkei and South Korea’s Kospi also fall

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The war in the Middle East has plunged financial markets around the world into turmoil for a second day, with oil and gas prices surging and share indices plummeting days after the US-Israel attack on Iran.

After a calm Monday, US stocks fell sharply after trading opened on Tuesday, with the Dow dropping more than 2% before paring back those losses.