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Crude Surges on Escalating Middle East Conflict and Hormuz Threats

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The Story

News Summary

  • Oil prices jumped sharply, with WTI surging 3.4% and Brent up 2.9%, fueled by escalating Middle East conflict and Iranian threats surrounding the Strait of Hormuz.
  • In contrast, gold dropped nearly 1% and silver edged lower as traders positioned ahead of the upcoming FOMC meeting.
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