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Tensions Spark Oil Price Spike Amid Escalating US-Iran Conflict
Oil prices have risen in Asia as tensions between the US and Iran escalate, causing concerns over potential supply disruptions in the Middle East.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies have agreed to keep oil output steady in October, following six consecutive months of increases.
In other economic news, Germany's industrial production has contracted due to a slowdown in the auto sector, with output falling 1.1% from last month after a flat reading in June.