Iraq fuels oil and gold price rises

Otmane El Rhazi from Macro feed.

Escalating tensions in Iraq have affected commodity prices, most notably the energy sector, with oil being one of the biggest movers. Brent Crude is up 4.3 percent on the week. As Iraq is the second largest oil producer in OPEC, Saxo’s Ole Hansen notes that if production and exports start to slow it could lead to a spike in prices. Uncertainty in the Middle East has also had an impact on precious metals with both gold and silver seeing gains.

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