Iran war prompts global energy rethink that favours China

Oil prices surged about 10 per cent and Chinese stocks fell on Thursday as widening conflict in the Middle East created new concerns about global energy supplies. Brent crude, the global benchmark, touched US$117 a barrel, having risen 60 per cent since the US and Israel first attacked Iran on February 28. Hong Kong’s Hang Seng Index and the mainland CSI 300 both fell about 2 per cent. Prices of crude oil and gas jumped after Israel bombed Iran’s huge South Pars gas field and Iran responded b...

By Neil Denslow,Raymond Ma