Oil prices rise and rate cuts delayed impact markets
Oil prices rose by more than $3 per barrel, reaching $96.24 for Brent crude, due to escalating tensions in the Middle East with Israeli strikes on Lebanon and reports of explosions in Iran. This has heightened concerns over global supplies despite OPEC+ increasing production. Meanwhile, gold prices fell to $1,313 per ounce as US Treasury yields rose and expectations of interest rate hikes before the end of the year intensified, supported by strong employment data that bolster the Federal Reserve's stance.
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