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Oil prices spike and stocks fall on worries about market effect of Israeli attack on Iran
Iran is one of the world’s major producers of oil, though sanctions by Western countries have limited its sales. If a wider war erupts, it could slow the flow of Iran’s oil to its customers and keep the price of crude and gasoline higher for everyone worldwide.
Although the U.S. is a net oil exporter, higher oil prices could increase inflation and lower economic growth.
A sustained rise in the price of crude oil, which jumped sharply after Israel attacked Iran, could hurt consumers and ...
7hon MSN
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