2024-10-08 09:00:09
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Rising Tensions and the Oil Market: A Global Impact
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Environment
Finance
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Economy
Brent, WTI oil prices rise nearly 4% to 1-month high on Middle East tensions. OPEC has spare capacity to offset Iran supply loss, but planned production hike may require $90 Brent. However, global oil demand remains weak, limiting further price increases.
Yahoo Finance
Oil retreats as investors pare bets on Middle East war risk after sharp rally
Environment
Finance
Politics
Oil prices fell as traders took profits after a rally driven by Middle East tensions. Brent and WTI futures declined over 1.5% as investors pared bets on potential supply disruptions. Geopolitical risks remain, with Iran-backed Hezbollah firing rockets at Israel's third-largest city, Haifa, and Israel looking to expand its offensive into Lebanon. The oil price rally began after Iran launched a missile barrage on Israel on Oct. 1, and Israel is weighing options to retaliate. However, analysts say..
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