Investors brace foroilprice spike, rush to havens after US bombs Iran nuclear sites

 A US attack on Iranian nuclear sites could push oil prices even higher and trigger a knee-jerk rush to safety, investors said, as they assessed how the latest escalation of tensions would ripple through the global economy.The reaction in Middle East stock markets, which trade on Sunday, suggested investors were assuming a benign outcome, even as Iran intensified its missile attacks on Israel in response to the sudden, deep U.S.involvement in the conflict.President Trump called the attack “a spectacular military success” in a televised address to the nation and said Iran’s “key nuclear enrichment facilities have been completely and totally obliterated.” He said the U.S.

military could go after other targets in Iran if the country did not agree to peace.Iran said it reserves all options to defend itself, and warned of “everlasting consequences.” Speaking in Istanbul, Iranian Foreign Minister Abbas Araqchi said Tehran was weighing its options for retaliation and would consider diplomacy only after carrying out its response.Investors said they expected US involvement would cause a stock market selloff and a possible bid for the dollar and other safe-haven assets when major markets reopen, but also said much uncertainty remained.“I think the markets are going to be initially alarmed, and I think oil will open higher,” said Mark Spindel, chief investment officer at Potomac River Capital.“I think the uncertainty is going to blanket the markets, as now Americans everywhere are going to be exposed.It’s going to raise uncertainty and volatility, particularly in oil,” he added.One indicator of how markets will react in the coming week was the price of ether, the second-largest cryptocurrency and a gauge of retail investor sentiment.“We don’t have any damage assessment and that will take some time.

Even though (Trump) has described this as ‘done’, we’re engaged,” Spindel said.Ether was down 8.5% on Sunday, taking losses...