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Reports of an Israeli attack on Iranian soil that possibly drags the Middle East into a deeper conflict has jolted world markets with geopolitical risks that can swiftly change the direction of anything from oil to bonds and renew inflation risks. Moves were relatively modest, but the heightened tensions inject fresh uncertainty and fuels concern that high oil prices and potential supply disruptions will keep inflation high. Oil prices are up roughly 13% so far this year near $90 a barrel and seen staying high.