U.S. benchmark crude jumped by $2.59 per barrel, or 3.5%, Thursday to $77.25, the highest level in more than a year. Brent, the international standard, gained 2.8% to $82.87 per barrel.
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Goldman: Iran Conflict Tests Global Growth, Inflation
A temporary surge in oil prices to $100 per barrel could slow global growth by 0.4 percentage point, Goldman Sachs analysts said Thursday, as a widening conflict in Iran chokes off vital Middle East oil and gas flows.
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Trump Officially Nominates Kevin Warsh for Fed Chair
President Donald Trump has officially nominated Kevin Warsh to serve as the next Federal Reserve chairman. If confirmed by the Senate, Warsh would replace current Fed Chairman Jerome Powell and serve a four-year term leading the nation's central bank. The White House said the ...
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US Services Sector Hits 3-1/2-Year High
The U.S. services sector activity surged to more than a 3-1/2-year high in February amid strong demand, consistent with hopes for an acceleration in economic growth this quarter, but war in the Middle East poses a downside risk to the rosy picture.The Institute for Supply...
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Cleveland Fed President: Iran Tension Could Delay Interest Rate Drop
The Federal Reserve may need to keep interest rates steady for an extended period as new risks emerge from rising energy prices tied to tensions in the Middle East and inflation remains above target, according to Cleveland Federal Reserve Bank President...
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Maersk Halts Cargo Bookings Across Gulf
Shipping giant Maersk is suspending cargo booking acceptance across much of the Persian Gulf region, citing the rapidly escalating Iran war and growing risks to shipping and logistics operations.
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