Oil prices extended gains while the dollar and equities tumbled on Tuesday as investors kept tabs on the Middle East, where the United States and Israel continued to bombard Iran, while Tehran launched further strikes on its neighbours. The attacks on the Islamic State have upended regional energy flows, with the crucial Strait of Hormuz—through which about a fifth of global oil transits—effectively closed off. The war has also fuelled fears of a fresh energy crisis that could ramp up inflation. Market moves have been comparatively mild amid hopes that the crisis will be short-lived and not cause a major problem for the global economy. But analysts warned that the longer it goes on the more painful it would be as supply chains are hit and prices surge. US President Donald Trump said th...