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A major escalation in attacks on energy infrastructure during the Iran war has sent oil prices higher and global stocks back into the red.
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The Iran war has caused turmoil to cargo routes through the Middle East, as shipping and airports have been targeted.
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It is not the first time that there has been deep energy-linked frustration in the heart of Europe.
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Hedge funds are getting battered by a sharp spike in oil prices and a broad market selloff unraveling crowded trades as the Iran war continues.
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Investors in Asia will look toward the Bank of Japan decision, which is expected to hold rates at 0.75%.
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World leaders are scrambling to contain a spiraling Middle East conflict on Thursday after Israel and Iran traded strikes on gas production facilities.
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The conflict continues to roil global energy markets. On Wednesday, an attack on Iran's South Pars gas field sent energy prices soaring.
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Global markets slid after the Federal Reserve held rates steady and warned of persistent inflation, while an Iranian missile strike caused "extensive damage" to Qatar's Ras Laffan LNG hub, heightening fears of a fresh energy shock.
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Iran's military warned it would take "decisive action" in response to the strike on its energy infrastructure.
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The nation's top intelligence official, Tulsi Gabbard, said today that Iran's government still seems to be functioning, though it has been greatly weakened by the U.S. and Israeli bombing campaign.
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Jerome H. Powell, the chair of the Federal Reserve, emphasized the high degree of uncertainty stemming from the conflict as he acknowledged the potential for surging energy prices to lift inflation and dent growth.
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The strikes on a gas field in Iran and an industrial complex in Qatar appeared to be some of the most significant attacks on energy sites since the U.S.-Israeli air war against Iran began.
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The Bank of Japan kept its rates steady at 0.75% as expected, but noted that inflation risks now are tilted to the upside due to the Iran war.
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With oil supply disrupted, Beijing's oil reserves and renewable energy push are being put to the test.
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It's not just oil tankers stranded near the Strait of Hormuz. U.N. aid shipments are also hindered by the war in Iran.
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Director of National Intelligence Tulsi Gabbard is testifying before the Senate Intelligence Committee amid questions on the Iran war.
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