Economic fallout from the US-Israel-Iran war is beginning to show up across major economies, with fresh business surveys from S&P Global pointing to slowing growth and surging prices as energy markets tighten.

The conflict, which began Feb. 28, is increasingly disrupting global supply chains and pushing up costs as oil and gas flows from the Gulf remain constrained. Brent crude was trading at $103.31 a barrel as of late Tuesday morning after nearly hitting $120 last week.

Markets on Monday showed tentative optimism after US President Donald Trump said he had postponed planned strikes on Iran’s energy infrastructure for five days after what he described as “very good and productive” talks between Washington and Tehran. Iran has pushed back on that narrative, leaving the outlook highly uncertain.

On Tuesday, S&P Global published Purchasing Managers Index data — monthly surveys that track business activity across manufacturing and services — for the United States, Europe, United Kingdom and India, offering an early snapshot of how companies are reacting. A reading above 50 signals growth, while below 50 indicates contraction.