Crude and gold extend gains, stocks nosedive on fear of US-Iran war

HONG KONG: Oil prices surged, gold hit a more than six-year high and most equities tumbled Monday after the US assassination last week of a top Iranian general fanned fears of a major conflict in the Middle East.

Donald Trump warned of a “major retaliation” against Tehran after it threatened revenge for the killing Friday of commander Qasem Soleimani, which shocked world markets and sparked a sell-off in stocks and a spike in crude.