Global Markets React to Middle East Tensions: Oil Rises, Bonds and Stocks Retreat, New Zealand Hikes Rates

Oil prices surged over 3% to above $76 a barrel, while bonds and stocks declined, as renewed Middle East tensions, including fresh US airstrikes in Iran and the revocation of an oil waiver, reignited concerns over energy supplies, inflation, and interest rates. Amidst this global backdrop, the Reserve Bank of New Zealand raised its interest rates.