Oil prices rise
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The Australian sharemarket is set to retreat, with futures at 4.53am AEST pointing to a loss of 34 points, or 0.4 per cent, at the open. The ASX dipped by 7 points on Tuesday. The Australian dollar slumped. It was 0.7 per cent lower at 64.71 US cents at 5.07am AEST.
Although the U.S. is a net oil exporter, higher oil prices could increase inflation and lower economic growth.
SINGAPORE] A surging oil price is likely to trigger a depreciation in Asian currencies, notably the Thai baht, Taiwan dollar and Korean won, according to Barclays. Read more at The Business Times.
Explore why ConocoPhillips is poised for growth amid rising oil prices, with strong Q1 earnings and potential outperformance of major rivals.
Traders on Friday exchanged the most $80 West Texas Intermediate (WTI) crude oil call options since January, expecting more upside to prices after Israeli airstrikes on Iran sparked fears of a wider Middle East conflict.
A sustained surge in oil prices is likely to complicate the U.S. fight against inflation. A $10-a-barrel increase would boost year-over-year growth in the consumer-price index by 0.5 percentage points,
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Stocktwits on MSNOil Prices Surge To 4-Month Highs On Israel-Iran Tensions: Analyst Expects Aggressive Price Revisions In H2 If Supply DragsCrude oil prices surged by more than 8% on Friday to hit 4-month highs after Israel’s attacks on Iran’s nuclear sites sparked supply concerns. Friday’s spike in crude oil prices is the largest single-day rise since Russia attacked Ukraine in 2022.