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A Saudi-Iran military conflict would be catastrophic for oil markets

The International Monetary Fund said on Tuesday that the sharp collapse in the price of oil is proving more of a drag on the global economy than a stimulus.

THE rift between Saudi Arabia and Iran has quickly ballooned into the worst conflict in decades between the two countries.

The back-and-forth escalation quickly turned the simmering tension into an overt struggle for power in the Middle East. First, the execution of a prominent Shiite...