London — World stocks hit a three-week high on Thursday and turned positive for the year as rising oil prices gave energy firms a shot in the arm that countered the effects of increased political uncertainty. Brent crude rose to another three-and-a-half-year high of $77.89 overnight amid the fear of supply disruptions after President Donald Trump withdrew the US from a nuclear accord with Iran and ordered sanctions to be re-imposed. The dollar meanwhile eased slightly from 2018 highs ahead of US April inflation numbers later on Thursday and as currency markets eyed the Bank of England’s (BoE’s) policy meeting and inflation report. "It’s difficult to know what the principal drivers are given there’s a whole host of events, but it could well be that the effect of oil prices on resources companies is outweighing negatives elsewhere," said Investec economist Philip Shaw. "But I think the main thing the market is looking out for is whether growth in the global economy has peaked and is s...
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