Oil prices surged, gold hit a 6.5-year high and most equities tumbled on Monday after the US assassination last week of a top Iranian general added more fuel to Middle East fires, dealers said.
Oil extended its gains on Monday and gold shone brightly to briefly touch $1,588.13 per ounce — a level last seen in April 2013 — as investors flocked to the safe-haven precious metal.Asian, European and US stock markets tanked meanwhile, having wobbled before the weekend as news of the assassination flashed across traders’ screens.
“We would expect the impact of these Middle Eastern tensions to be more durable in commodities markets than in equities,” he said. Both main crude oil contracts rallied, with Brent topping $70 for the first time since September when attacks on two Saudi Arabian facilities briefly halved output by the world’s top producer.