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War Triggers 40% Oil Spike
The US-Israeli war on Iran triggered a 40% surge in Brent crude oil prices.
“Brent crude surged 40% to reach $108 per barrel”
US-Israeli strikes killed 1,300 Iranians including the Supreme Leader.
The Strait of Hormuz closure choked 20% of global oil supply.
Gold surged 10% reflecting safe-haven demand.
Markets Enter Recession
G20 finance ministers acknowledged the conflict triggered a protracted energy shock.
Moody's Analytics estimated the US economy was already slowing to 1.3% annualized growth.
The International Energy Agency warned of severe and mounting challenges.
Central Banks Confront Inflation
Oil had jumped 57% in three weeks, driving inflation higher.
Markets priced in 2.5 additional Fed hikes by year-end.
Higher mortgage rates imperiled housing in MEA markets.
Crypto Markets Volatile
Bitcoin volatility surged above 4%.
Crypto markets showed resilience but suffered selloffs.
Institutional flows reacted in fits and starts.