Global oil prices rally, stocks drop on fears of broader Middle East war

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Crude futures briefly vaulted three percent higher as fears grew over broadening unrest that could destabilise the crude-rich Middle East.

Some analysts are predicting a possible return to $100 oil, while gold hit a four-week peak as investors seek a safe haven investment. / Photo: Reuters Archive

Crude futures briefly vaulted three percent higher on Wednesday as fears grew over broadening unrest that could destabilise the crude-rich Middle East with some analysts predicting a possible return to $100 oil, while gold hit a four-week peak as investors sought the safe haven investment. He estimated there is now a higher probability that other countries in the region, such as Iran, could end up involved in the dispute.

World stock markets had enjoyed a healthy run Tuesday on optimism the crisis could be contained even as Israeli Prime Minister Benjamin Netanyahu prepared for a ground invasion in the blockaded territory.

 

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