Overnight an Israeli missile reportedly struck Iran following a mass attack on Israel just six days ago. It comes as just the latest escalation of tensions in the Middle East as many warn the region is on the brink of all-out war.
In the hours after the Israeli missile strike, oil and gold prices jumped amid concerns worsening conflict could disrupt oil supplies. Oil prices increased by up to 3.5%. But claims in the Iranian state media that the strikes caused “no damage” saw prices fall again.
Despite the price spikes being a ‘knee-jerk’ reaction to fears of continuing escalation, the evolving situation has given rise to concerns about the volatility of global energy markets, with investors warning recurring sharp price rises in oil could compound inflation.
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