Oil prices have taken another leg higher after Israel ordered a complete siege of Gaza, igniting fears that a spreading conflict in the Middle East could propel prices even further upwards and accelerate inflation.
The Israeli military has called up an unprecedented 300,000 reservists, raising expectations of a possible ground assault, while the Islamist militant Hamas movement has threatened to execute an Israeli captive every time a Palestinian home is bombed without a warning.
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Cécile Lefort is a markets reporter based in the Sydney newsroom. Cécile worked in New York and Hong Kong writing about global capital markets. Email Cecile at cecile.lefort@afr.com
