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Markets pulled back from record highs as escalating tensions between the US and Iran unsettled investors. Asian equities slipped and Wall Street edged lower after a surge in oil prices — with Brent crude briefly jumping above $115 a barrel — raising concerns about inflation and economic growth.

The White House said US officials have convened to discuss Iran’s latest proposal while maintaining “red lines” on any deal. Crude extended its rally to a seventh consecutive session, with Brent rising 2.9% and briefly moving above $111, as a more prolonged supply shock is increasingly being priced in.

Asian equities moved higher at the start of the week, supported by renewed optimism around geopolitics after reports that Iran had presented the US with a proposal to reopen the Strait of Hormuz. The development lifted broader risk sentiment and pushed emerging market stocks to fresh highs, with technology leading the advance.