Oil extends gains and stocks drop as Iran conflict spreads [Yahoo! Finance]
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Source: Yahoo! Finance
Oil prices extended gains and equities fell Tuesday as investors kept tabs on the Middle East as the United States and Israel continued to bombard Iran, while Tehran launched further strikes on neighbours. The attacks on the Islamic state have upended regional energy flows, with the crucial Strait of Hormuz -- through which about a fifth of global oil transits -- effectively closed off. The conflicts has also fuelled fears of a fresh energy crisis that could ramp up inflation. Market moves have been comparatively mild amid hopes that the crisis will be short-lived and not cause a major problem for the global economy. But analysts warned that the longer it goes on the more painful it would be on the global economy as supply chains are hit and prices surge. US President Donald Trump said the war, which began Saturday with a strike that killed Iran's supreme leader Ayatollah Ali Khamenei, was going "substantially" ahead of schedule but warned it could go on for more than four we
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