Investing.com -- Global markets have shifted expectations about the duration of the Iran conflict, now anticipating it will continue for months rather than weeks, according to Vincent Mortier, Chief Investment Officer at Amundi SA.

Markets changed their outlook in the last 24 hours from expecting "a resolution within weeks to a resolution within months," Mortier said Thursday on Bloomberg TV. He noted that investing in the current situation is "not easy," speaking on the sidelines of a Bank of America conference in Paris.

Oil and natural gas prices jumped Thursday as escalating attacks in the Persian Gulf threatened long-term damage to major energy facilities. European gas futures surged as much as 35% to more than double their pre-war level. Brent crude rose as high as $117 a barrel.