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The oil price hit $US117 last week. US President Donald Trump seems to think that this is all the fault of Ukraine’s leader Volodymyr Zelensky. But the markets appear more concerned by the prospect of an escalation of war in the Middle East.
Unfortunately, the market reaction is rational. The signs are that the US and Israel are poised for a renewed assault on Iran, soon after the midterm elections in America next week.
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Financial Times
