Oil and gas prices soared while stocks fell in Asia on Monday after US-Israeli strikes on Iran sent investors fleeing the prospect of an extended conflict in the crude-rich Middle East. “If higher oil prices persist, it raises the risk of stickier headline inflation and can slow the pace at which inflation prints improve,” wrote Saxo Markets’ Charu Chanana. While Iran has not officially closed the Strait of Hormuz, its Revolutionary Guards have warned against transiting the waterway. In theory, oil-importing countries have reserves, with OECD members required to maintain 90 days’ worth of stocks, but prices above $100 cannot be ruled out. Gas prices also soared Monday -- dealing another blow to the world economy -- as Qatar is a key exporter of liquefied natural gas, heightening inflationary risks.
