Oil prices jump 5% on Middle East tensions and US hurricane threat

Global bond market sell-off continues and stocks fall amid reports White House has asked to see options for more strikes against Iran

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Oil prices have risen sharply amid fears about escalating tensions in the Middle East and a squeeze on production from the threat of a hurricane off the US coast.

Brent crude, the international benchmark, rose by 5% to $105.3 a barrel on Thursday, triggering a wave of selling in the global bond and stock markets.