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Markets wary but oil prices resilient amid Middle East tensions
As Middle East tensions intensify, Michael Ricafort, chief economist at Manila-based Rizal Commercial Banking Corp, told China Daily that investors are closely monitoring the possibility of Iranian retaliation — a move that could disrupt oil shipments through the Strait of Hormuz. He observed that oil prices have stayed stable despite the recent escalation, but are not going down below $70 per barrel, which could lead to pickup in inflation worldwide.
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