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The article concerns a significant rise in oil prices due to escalating tensions and conflicts in the Middle East, where Brent crude has increased by 3% to approximately $90.87 per barrel, the highest level in over a month, amidst ongoing disputes between the United States and Iran in the Gulf region. U.S. West Texas Intermediate (WTI) also rose to $84.84, the highest since June 12. The back-and-forth attacks, including American strikes on Iran and assaults on commercial ships, have disrupted energy supplies passing through the Strait of Hormuz, leading to reduced inventories and a rise in oil prices. Meanwhile, gasoline prices in the United States have surpassed four dollars per gallon, the dollar has weakened against major currencies, and gold prices have stabilized around $4,018 per ounce. An inflation increase is anticipated due to rising oil prices and escalating tensions, with movements in the currency and gold markets reflecting the region's instability.
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