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Oil declines as gold steadies amid Middle East tensions
Oil prices fell to their lowest levels in more than a week amid hopes of diplomatic efforts to de-escalate the war between the United States and Iran. This came after some of the Saudi oil shipments began returning to the market, despite ongoing Houthi attacks in Yemen targeting Saudi oil facilities, which led to increased oil flows through the Strait of Hormuz. Meanwhile, the price of gold remained stable as investors awaited developments in the Middle East and their potential impact on inflation and interest rates, amid expectations of further global interest rate hikes to combat inflation linked to the war.
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