Reported involvement of oil producer Iran in surprise attack raises prospect of retaliation that could jeopardise supply routes
Oil prices jumped 5 per cent over the weekend in the wake of the Hamas attack on Israel, raising fears for petrol prices and already high global inflationary pressures. Photograph: Joe Giddens/PA WireRisk sentiment took a hit as oil surged as much as 5 per cent in the wake of Hamas’ surprise attack on Israel, which triggered fears of a supply shock. Gold gained along with the dollar on haven bids.
Rising oil prices could add to already high global inflationary pressures with investors still debating the odds of another rise in interest rates by the Federal Reserve this year. The dollar gained versus the euro and sterling, while riskier currencies declined. The yen – another favoured refuge for investors – strengthened. Meanwhile, Australian and New Zealand bonds reversed early declines and US stock futures extended losses.
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