Finance

Executive summary

Global markets reacted to renewed military actions between the US and Iran on May 28, leading to a rise in crude oil prices and increased geopolitical risk. Brent crude climbed 2% to $96.13 a barrel after US Central Command reported Kuwait intercepted missiles launched by Iran, following earlier US defensive strikes in southern Iran. This re-escalation in the Middle East revived inflation concerns and caused Asian and European stock indexes to mostly decline, while US equity futures fell. Gold prices also experienced a downturn, dropping 1.5% to below $4,400 an ounce.