Renewed military action between the United States and Iran pushed oil prices sharply higher, weighed on global equities and placed investors back into risk off mode.
Renewed military tensions between the United States and Iran unsettled global financial markets on Wednesday, sending oil prices sharply higher, weighing on equities and reigniting concerns over supply disruptions through the Strait of Hormuz.
According to Anchor Capital's market commentary, the conflict premium has returned rapidly after the United States launched strikes against dozens of Iranian targets in response to attacks on ships in the Strait of Hormuz.
Brent crude climbed from $71 a barrel to more than $76 a barrel in just two trading sessions as fears over global energy supplies resurfaced.
The renewed escalation reversed weeks of declining oil prices that had followed optimism around a peace agreement announced only three weeks ago.
