New York —
Oil prices surged, US stocks erased earlier losses and gold rose Monday as financial markets digested concerns about a broadening war with Iran.
Investors are bracing for volatility in global energy markets as developments unfold in the Middle East. While markets saw sharp moves, the volatility so far has been largely as expected, and Wall Street is on watch for potential further disruptions to oil and gas prices.
The escalation in tensions between the United States and Iran sparked a bid for haven assets, with investors scooping up gold and the