European stocks slid, crude prices pull back amid uncertainty over the situation in the Middle East
European stock indexes fell on Monday but oil prices pulled back on recent gains, as cautious markets watched for signs of escalation which could determine the financial fallout from the
Traders are waiting to see if the conflict draws in other countries, which would drive up oil prices further and deal a fresh blow to the global economy. They are keeping a particular eye on Iran, which said on Sunday that its armed forces would not engage militarily with Israel so long as Israel does not attack it, its interests or its citizens.
“What the market will be looking for in order for the mood to improve would be any sort of de-escalation ... and on the downside any sense that the oil-rich nations are going to be involved would be a catalyst to drive stocks lower,” said Fiona Cincotta, senior markets analyst at City Index.Top U.S. officials warned on Sunday that the war could escalate into a wider conflict across the Middle East. U.S.
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