Spiking oil prices basically end any chance of a market ‘melt-up,’ says this Wall Street veteran

Traders are grabbing oil at much higher prices - Ezra Acayan/Getty Images Hopes the Middle East conflagration will be brief have been dashed as the U.S.-Israel war with Iran goes into a second week. Oil prices right now are by far the dominant determinant of market sentiment — and the prospect of energy supplies from the region being severely constrained has pushed crude to multi-year highs and whacked investors’ risk appetite. Most Read from MarketWatch This makes sense. Surging oil prices are a tax ...