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Netanyahu Vows Action Against Iran as Oil Prices Surge Amid Geopolitical Tensions

2 months ago

Israeli Prime Minister Benjamin Netanyahu reaffirmed his country’s commitment to confront Iran and its allies during a security cabinet meeting, asserting that Israel would retaliate against any threats. Meanwhile, President Joe Biden conveyed to Netanyahu during a call that US support for Israel’s actions would hinge on efforts to minimize harm to civilians.

The remarks from Netanyahu come amidst escalating tensions in the Middle East, causing Brent crude oil prices to approach $91 a barrel on Friday, nearing levels not seen since October. Concerns over a potential direct conflict between Israel and Iran have raised fears of disruptions to oil supply from the region, a scenario that could rapidly impact global markets.

Market focus remains on the release of US nonfarm payrolls data scheduled for later on Friday, with expectations pointing to the addition of over 200,000 new jobs to the economy in March. A robust employment report could further solidify expectations of sustained economic activity, potentially prompting the Federal Reserve to maintain its current stance of higher interest rates.

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