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Global benchmark oil prices were pulling back from their highest level in nearly four years on Thursday afternoon after President Trump said he wouldn't send troops to the Middle East, helping to ease energy-market concerns about the Iran conflict.
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Attacks on major energy facilities in Iran and Qatar injected new uncertainty into the outlook for oil and gas prices.
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Live Updates: Iran war escalates, energy prices spike after Israeli strike on South Pars gas field CBS NewsLive updates: Iran retaliates on Gulf energy sites as stocks sink worldwide AP NewsContradicting Trump, Israeli Officials Say U.S. Was Told about South Pars Attack The New York TimesEuropean Gas Jumps 35% After World's Top LNG Plant Hit by Iran Bloomberg.com
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The war in Iran has upset the economic equilibrium Europe threatening energy supplies, growth and the outlook for consumer prices, upsetting economic forecasts.
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Traders now expect Europe's central bankers to raise rates this year to address a sharp increase in inflation because of higher energy prices.
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Europe and Japan ready to help steady energy prices and secure chokepoint Yahoo News UKView Full Coverage on Google News
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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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