Oil Set for Weekly Drop as Risk-Off Tone Offsets Mideast Risks
Oil jumped on intensifying concerns about conflict in the Middle East, with Brent rallying above $89 a barrel in a sudden move higher.
Oil jumped on intensifying concerns about conflict in the Middle East, with Brent rallying above $89 a barrel in a sudden move higher.
US equity futures fell in early Asian trading as risk sentiment turned, weighing on the region’s equities. Oil prices resumed a selloff and investors retreated to the dollar.
Israel was downgraded by S&P Global Ratings, which cited heightened geopolitical risks as it lowered the sovereign credit rating to A+ from AA- on Thursday.
Treasuries advanced with the dollar as concerns over an escalation in the Middle East conflict bolstered demand for safe-haven assets.
Gold surged past $2,400 an ounce as concerns over rising tensions between Israel and Iran stoked haven demand.
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