Stagflation fears grip markets as oil, aluminium prices soar

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Markets are finally starting to price in the dire consequences of a prolonged Middle East war as oil and aluminium surged on Monday, while stocks and gold were sold off, after Iran-backed Houthi militants joined the month-long conflict that has already caused a global supply crunch.

Brent crude jumped more than 3 per cent on Monday to above $US116 per barrel, extending its advance this month to a record 60 per cent, after the Houthis fired missiles at Israel over the weekend and said they would continue operations until attacks on Iran ceased.

Source: https://www.afr.com/markets/equity-markets/stagflation-fears-grip-markets-as-oil-aluminium-prices-soar-20260330-p5zjub