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Equities looked set to ease after a recent rally, as renewed tensions in the Middle East pushed oil higher and weighed on sentiment. US futures slipped around 0.2% and European futures pointed lower, with investors turning more cautious after reports that US allies in the Gulf may move closer to joining the conflict, while Iran ruled out negotiations.

Stocks extended their selloff as tensions between the US and Iran escalated further, driving a broad risk-off move across assets. Asian equities fell 3.7%, entering correction territory, while US futures dropped ~0.8% and European futures pointed sharply lower.

Soaring oil prices are raising inflation concerns, as key energy infrastructure in the Middle East has been damaged. Investors are worried about the prolonged economic impact of the war.