Morning Bid: ’Bump on the road’ or gaping chasm?

try{ var _=i o; . if(!_||_&&typeof _==="object"&&_.expiry Oil prices jump over 3% as Middle East war escalates, fuels supply fears Iran conflict latest: Hegseth says Iran conflict has "only just begun" Gold prices rebound from previous session’s hefty drop, helped by weaker dollar Nasdaq ends more than 1% higher as solid economic data lifts spirits (South Africa Philippines Nigeria) Morning Bid: ’Bump on the road’ or gaping chasm? By Economy Published 03/05/2026, 12:35 AM Updated 03/05/2026, 12:42 AM Morning Bid: ’Bump on the road’ or gaping chasm? 0 GC 0.84% CL 4.09% FLG 0.82% KS11 11.08% A look at the day ahead in European and global markets from Rocky Swift Is the crisis in the Middle East and its fallout on global markets just a "bump on the road" or does it portend a long period of uncertainty for global trade? The rosier take was voiced by U.S. Energy Secretary Chris Wright, who told Fox News that the conflict with Iran, which has killed hundreds and paralysed oil shipments in the region, would be a "small price" to pay to achieve America’s military goals. Less optimistic was Kristalina Georgieva of the International Monetary Fund, who warned of a prolonged period of flux as the war, kicked off by U.S. and Israeli air strikes that killed Iran’s supreme leader, tests global economies. There were no fresh signals of a diplomatic off-ramp to the hostilities or improved security for ships trying their luck across the Strait of Hormuz. Instead the Republican-led Senate voted to block a resolution aiming to stop the air war on Iran, which launched a fresh wave of missiles at Israel. Even so, markets seemed split. Asian shares surged, led by a recovery in South Korea’s KOSPI . Oil prices continued their climb, while gold , the classic safe-haven asset, also rose. China’s closely watched National People’s Congress got underway with a host of announcements and plans. The nation’s shares reacted positively to a slightly slower growth target that signalled a shift toward...