Global equity markets fell for a fourth consecutive week as oil and gas prices and U.S. mortgage rates rose. Markets are on a four-week losing streak and are approaching a correction, defined as a 10 percent drop from recent highs.

The war with Iran is driving oil and gas prices up, contributing to the market decline. Iran attacked energy facilities in Qatar. Global oil and gas prices have increased.

Mortgage rates, which had been declining recently, are rising. Inflation has risen due to an energy crisis fueled by events in the Middle East.

U.S. President Donald Trump has refused to back down in the conflict with Iran.

The Bank of England held its interest rate at 3.75 percent today. Traders are betting that the Bank of England will raise interest rates later this year instead of cutting them. Swap rates have increased.