Oil prices rise another 5% in global markets
Stock and bond markets fell on Thursday as oil surged more than 5%, with Iran's denial of any talks with the U.S. deepening doubts over the prospect of a quick ceasefire in the near one-month-long Middle East war.
Conflicting signals over the scope of contact, plus reports of thousands of U.S. troops being sent to the region, snapped a three-day rebound in world stocks and reignited selling in global debt markets, reports Reuters.
After falls in Asia - where the Philippines held an unscheduled central bank meeting due to the turmoil - European stocks (.STOXX), opens new tab and government bond prices dropped as Germany's central bank head said an ECB rate increase next month was "an option" and Norway said it was now likely to hike rates this year too.
A warning from U.S. President Donald Trump to Iran to "get serious" about a ceasefire saw oil and European natural gas prices jump more than 5.5% and 4% respectively.
It hoisted Brent to just over $107 a barrel and gas to 54.9 euros per megawatt hour
"I think we'll have enough data by April to determine whether we need to take action or whether we can wait and see," Germany's central bank chief Joachim Nagel said during an interview with Reuters regarding a possible ECB rate hike.
He said it was just one of the options the ECB had, but added: "We shouldn't shy away from it now just because we think it's still too early."
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