Oil surges, equities sink as Iran blasts fan MidEast escalation fears

Oil prices rallied and equities sank Friday as reports said explosions had been heard in Iran and Syria, fuelling fears of an escalation of the Middle East crisis after last weekend's missile attack on Israel by Tehran. "It is now clear that the escalating shadow warfare between Israel and Iran... has finally ignited the powder keg in the Middle East, and we have moved decisively out of the shadows and into the glaring light of open conflict," said Stephen Innes of SPI Asset Management.