Global markets were thrown into turmoil as a result of tensions in Middle East countries where vast stocks of oil are kept. The rising price of oil, which could fuel further rises in already high inflation rates and hit corporate profits, affected stock markets. At the beginning of the week US shares, Asian stocks and European shares all closed heavily down. "The market is reacting to violence in the Middle East," said United Arab Emirates Energy Minister Mohammad bin Dhaen al-Hamli.