Surging uncertainty in the Middle East has clouded the outlook for global markets, with analysts warning that a potential shutdown of the Strait of Hormuz could send crude prices higher, intensify US inflation and complicate the Federal Reserve’s rate-cut plans. Gold stands to benefit more directly from geopolitical shocks, while Chinese assets could remain relatively shielded, they added. “Looking ahead, we cannot rule out a rise and recurrence of risk aversion,” the China International Capital...