#IsraelIranConflict

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Biden Administration Funding Both Sides of Israel-Iran Conflict

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Live Updates on the Israel-Iran Conflict: France Urges Its Citizens to Leave Lebanon Immediately

- After Hamas leader Ismail Haniyeh was assassinated, tensions in the Middle East are at an all-time high. There are now many worries about a possible regional conflict as a result of this move. While Western countries, like France, have warned their citizens to evacuate Lebanon as soon as possible, the United States has indicated that it will send fighter jets and warships to the region. Iran supports the influential Hezbollah movement, which is based in this area. Iran and its supporters have pledged retaliation for Haniyeh's killing as well as the earlier assassination of Hezbollah's military chief in Beirut. https://www.youtube.com/watch?v=zOb1jEuQkrY&pp=ygUQaXNyYWVsIGlyYW4gbmV3cw - The battle in Gaza between Israel and Hamas has attracted a number of Iran-backed groups from Lebanon, Yemen, Iraq, and Syria throughout the last ten months. At least 17 people were killed on Saturday when Israel fought Hezbollah in open combat, carried out a deadly raid in the occupied West Bank, and targeted a school facility in Gaza City, according to the civil defense organization in the region under Hamas control. Hezbollah took credit for firing hundreds of Katyusha rockets toward Beit Hillel in northern Israel, claiming that the strikes were a reprisal for assaults on Lebanon's Kfar Kela and Deir Siriane. Also read: Visakhapatnam Railway Station Fire Read the full article

[trader-sg112]

Oil Futures Rebound Amid Middle East Tensions and Market Uncertainty

Oil futures saw a notable rebound today, climbing more than $1 a barrel from seven-week lows, following a series of dramatic geopolitical events in the Middle East.

The catalyst for this uptick was an Israeli attack resulting in the death of Hamas leader Ismail Haniyeh in Iran. This escalation came on the heels of another major development: the Israeli government claimed responsibility for an airstrike in Beirut that killed Hezbollah's most senior commander just a day earlier. The heightened tensions in the region have spurred volatility in the oil markets.

Price Movements

Brent crude futures, which are set to expire today, increased by $1.17, or 1.5%, reaching $79.80 a barrel. The more actively traded October contract also rose by $1.11 to $79.18. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures rose by $1.15, or 1.5%, to $75.88 a barrel.

Despite today's rebound, both Brent and WTI had closed at their lowest levels in seven weeks, reflecting a decline of about 1.4% from previous highs. This decline had been driven by ongoing concerns over China's demand outlook and broader market expectations.

Broader Geopolitical Context

The situation in the Middle East has drawn in other global powers as well. The United States has provided support to Israel following the recent strikes, including a controversial strike in Iraq. This involvement underscores the complex and volatile nature of the current geopolitical climate.

Market Outlook

Brent and WTI are on track to record their largest monthly loss since 2023 for July. This is largely due to persistent worries about China's economic recovery and its impact on oil demand, coupled with market adjustments to the OPEC+ production cuts.

OPEC+ is expected to maintain its current production cuts strategy but will begin to unwind some of these reductions starting in October. The oil cartel’s strategy aims to stabilize the market amidst fluctuating prices and geopolitical uncertainties.

Upcoming Data

Today's data release from the Energy Information Administration (EIA) is anticipated to provide further insights into oil inventories and market dynamics. Investors will be closely watching these figures to gauge the potential impact on oil prices and market trends.

In summary, while oil futures have rebounded today due to geopolitical tensions, the broader outlook remains cautious with ongoing concerns about global demand and production strategies.

Market Update: Gold and Precious Metals React to Dollar Strength Ahead of Fed Rate Decision

Gold prices experienced slight gains overnight despite facing pressure from a stronger U.S. dollar. Spot Gold saw a modest increase of 0.1%, trading at $2,387.98 per ounce. Similarly, December Gold Futures rose 0.2%, reaching $2,431.35 per ounce.

In the precious metals sector, Platinum Futures improved by 0.3%, settling at $962.55 per ounce. Silver Futures also saw a notable rise, climbing 0.7% to $28.055 per ounce. These movements reflect a positive shift in the precious metals market despite the broader strength of the dollar.

Conversely, copper markets faced a downturn. Copper Futures on the London Metal Exchange fell by 0.5%, down to $8,980.0 per ton. One-Month Copper Futures dropped 0.9%, trading at $4.0585 per pound. Both copper contracts are now approaching four-month lows, highlighting a challenging environment for the base metal.

Overall, while gold and other precious metals have shown resilience, copper markets are grappling with significant declines. Investors are closely watching today's Federal Reserve rate decision, which could further influence these market dynamics.

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Alleged Israeli strikes reported in Iran

Explosions have been reported in the last few minutes near the cities of Isfahan and Natanz in the center of Iran.