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Israel-Hamas War Raises Oil Prices And Economic Uncertainty As Banks Report Strong Profits

  • Hamas launched a deadly attack on Israel, killing hundreds and taking over 100 hostages, prompting Israel to declare war and order the complete siege of Gaza.
  • The conflict caused an initial spike in oil prices due to concerns over potential disruptions to Middle East oil supply and global energy markets.
  • Major U.S. banks like JPMorgan, Wells Fargo, and Citigroup reported higher third quarter profits, benefiting from rising interest rates.
  • Bank executives warned about economic uncertainties such as inflation, consumer finances, political conflicts, and the threat of war in the Middle East.
  • Consumer sentiment plunged in October to the lowest level since June 2022 due to persistent high inflation and interest rates.
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