The war in Israel and the conflict in the Middle East, is causing a lot of uncertainty and unpredictability in the trading market. One major concern was about the supply and production of oil, which made the price of crude oil go up by 3.9% in just one day. This was because the OPEC World Oil Report for 2023 said that there was a high demand for oil, which kept the prices high. Investors are looking for a safe option to invest their money, which made the value of the U.S. dollar stronger.
Middle Eastern Tensions Drive Safe Haven Demand
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