World stocks steady as oil and dollar soars as US dumps Iran nuclear deal
Oil is at a three-and-a-half-year high as Trump’s move threatens global supply; US treasury yields pop over 3%, with safe-haven demand muted
London — Crude oil prices jumped back to three-and-a-half-year highs on Wednesday after US President Donald Trump pulled the US out of an international nuclear deal with Iran, while the dollar continued its tireless ascent and world stocks held steady. Trump’s move sparked concern about fresh tension in the Middle East and uncertainty over global oil supplies. Demand for safe-haven assets remained limited, however, as the price of gold retreated and bond yields fell. The US 10-year treasury breached the key 3% level once more and was last at 3.0080%, a two-week high, supported by expectations of higher interest rates. Caroline Simmons, deputy head of the UK chief investment office at UBS Wealth Management, said that while, generally, central banks tend to look through the oil price in terms of its impact on inflation, it is still of note to market watchers. "In an environment where the US Fed, particularly, is already at its inflation target and people are closely watching the pace ...
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