India, March 3 -- The British pound weakened against other major currencies in the European session on Tuesday, as escalating Middle East tensions spurred risk aversion in financial markets.
A prolonged conflict in the Middle East and a persistent fall in oil and gas supplies from the region could cause a "substantial spike" in inflation and a "sharp drop in output" in the euro zone, ECB chief economist Philip Lane has warned in an interview with the Financial Times.
European natural-gas prices surged more than 20 percent today following a production halt at the world's largest liquefied-natural-gas export facility in Qatar.
The jump in oil and gas prices evokes memories of Russia's invasion of Ukraine in 2022, which triggered a global e...