Financial and energy markets have been nervous ever since the US/Israeli attacks on Iran. On Monday, these nerves led to an early outbreak of panic, as Brent oil prices soared briefly to $119 in early trading – the highest since 2022 – and Far East stock markets took a heavy hit.
Talk of the return of “stagflation” – high inflation and low growth – is unnerving investors. Consumers, already seeing higher heating oil and petrol prices, look on. A lot remains to play out, but energy prices are now in the danger zone - at levels which will, if sustained, cause damage. Governments, including our own, are now urgently war gaming how to limit the hit.
By midmorning things calmed down a little bit.
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