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Commodities

Middle East Tensions Fuel Slight Gain in Oil Prices

Guavy AI Editorial Team
Instruments
Oil
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Oil prices edged higher in early Asia trading on August 16th as market participants weighed renewed tensions in the Middle East. The situation is particularly volatile due to ongoing Israeli attacks on Lebanon and the threat of fresh US sanctions on Iran, which are set to expire at the end of the current ceasefire on Monday.

The Brent crude benchmark rose by 0.5% following these developments. Meanwhile, the dollar remained steady against major currencies. S&P 500 futures contracts also showed little change after the underlying index slipped by 0.2% on Friday.

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