Oil prices jump, stocks skid on Middle East turmoil

Oil prices surged on Monday and shares slid as military conflict in the Middle East looked set to last weeks, sending investors flocking to the relative safety of the dollar and gold. Brent jumped 4.5% to $76.07 a barrel, though it had briefly topped $82.00 at one stage, while US crude climbed 3.9% to $69.59 per barrel. Gold rose 1.0% to $5,327 an ounce . Military strikes by the United States and Israel on Iran showed no sign of lessening, while Iran responded with missile barrages across the region, risking dragging its neighbours into the conflict. President Donald Trump suggested to the Daily Mail the conflict could last for four more weeks, while posting that attacks would continue until US objectives were met. All eyes were on the Strait of Hormuz where around a fifth of the world’s seaborne oil trade flows and 20% of its liquefied natural gas.