Oil prices soar as Mideast conflict widens
Global energy benchmarks are approaching last weekend’s panic-driven highs as the Middle East conflict shows signs of spiralling out of control. Brent is trading above $115, West Texas Intermediate is flirting with $100, and European natural gas futures are up another 25 percent after Iran struck infrastructure targets in Kuwait and Saudi Arabia and carried out missile attacks on critical natural gas facilities in Qatar, causing what officials described as “significant damage” in retaliation for yesterday’s Israeli strike on the South Pars gas field. Treasury yields are pushing higher, US equity markets are in retreat, and the dollar is holding...