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Oil prices had been gyrating this week, after a new round of attacks on major energy facilities in Iran and Qatar raised concerns about energy supplies.
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Israel said it would not target energy infrastructure anymore after being told by the U.S. president not to.
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From waiving the Jones Act to rerouting oil through the Red Sea, governments are doing their best to make up for the crisis in the Strait of Hormuz, but prices are still rising.
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As China and other major suppliers of refined oil in the region restrict exports, import-dependent countries are desperate to secure fuel supplies.
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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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Gold prices rebound but head for deep weekly loss as Iran war dents rate cut bets Investing.comGold Drops Nearly 6%. Why It Is Losing Out to Higher Oil Prices and Interest Rates. Barron'sGold rebounds, but silver extends losses as oscillating oil prices spark market volatility CNBCGold set for third weekly fall on hawkish US Fed, elevated dollar Reuters
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