India, Oct. 8 -- Bay Street looks headed for a weak start on Thursday amid rising concerns about an escalation in Middle East tensions, and the resultant sharp surge in oil prices.
Oil prices rose sharply amid rising concerns over an escalation in U.S.-Iran conflict. According to reports, the White House asked Pentagon to develop options to strike Iran before the midterm elections, but no final decision has been made. Meanwhile, oil companies operating in the Gulf of Mexico have begun curbing production and evacuating personnel from offshore facilities.
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