Good morning,

A surge in oil prices and a major “market wobble” will set the scene when global markets reopen on Monday, with the escalating war in the Middle East destined to wipe out all of this year’s Wall Street gains and ramp up the fear index.

And, writes Eric Johnston, Donald Trump's entry into the Iran war will deliver a new and entirely unpredictable financial shock, because no one yet knows how severe the response of a cornered Iran and its proxies will be.

Meanwhile, Melbourne hedge fund L1’s takeover bid for Platinum could come as soon as this week. L1’s founders say their acumen and support can arrest the slide of what was once a big-name firm under former boss Kerr Neilson.