Oil prices jump, stocks drop as traders track Israel-Iran crisis
LONDON: Oil prices jumped and stocks mostly fell Tuesday after President Donald Trump abruptly departed G7 talks and concerns rose over a possible US intervention.
Investors' optimism the previous day that the conflict would not spread throughout the Middle East gave way to fears of further escalation as the conflict entered its fifth day.
"Middle East tensions are showing no signs of easing back, putting investors on high alert," said Russ Mould, investment director at AJ Bell.
Trump said he was aiming for a "real end" to the conflict, not just a ceasefire after he departed the G7 summit in Canada.
Trump may decide that "further action" is needed to stop Iran's nuclear programme, Vice President JD Vance said later Tuesday, responding to speculation that the United States could intervene in the conflict.
Wall Street's main indices were all lower in late morning trading, with a larger-than-expected 0.9 percent drop in May US retail sales also dampening sentiment.
Worries about tariffs hurting consumer spending and uncertainty over Iran "has buyers holding back their own firepower at the moment", said Briefing.com analyst Patrick O'Hare said.
European equities ended the day lower, while Asia turned in a mixed performance: Hong Kong fell, while Shanghai was flat and Tokyo advanced.
Despite mounting calls to de-escalate, neither side has backed off from the missile blitz that began Friday, when Israel targeted Iranian nuclear and military facilities.
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