Gold prices fell on Thursday, weighed down ‌by a firmer US dollar and waning hopes for near-term US interest rate cuts as higher energy prices stoked inflation concerns.

With production in the Gulf countries at a standstill and gas prices rising, the war in the Middle East is disrupting the supply of fertilisers and posing risks for food security.

When US and Israeli forces launched airstrikes on Iran, the shock waves were felt far beyond the region. As the conflict escalates, understanding who benefits from this crisis might be as important as counting its costs.

Banks in the region sent staff home in response to a deepening Middle East conflict

"China opposes using it as an excuse for political manipulation," ministry spokesman Guo Jiakun said

​An Indian source ‌said ⁠on Thursday

The dollar advanced against the euro, yen, sterling and kiwi for a third straight day

Brent jumped more than nine percent to hit as high as $101.59 a barrel

Gold edged higher on Wednesday on safe-haven demand and as ‌a retreat in oil prices calmed inflation worries, reviving expectations for potential Federal Reserve rate cuts this year as investors awaited US CPI data that may offer more cues.

Oil prices rebounded on Wednesday as markets doubted whether the International Energy Agency’s reported plan for a ​record release of oil reserves could offset potential supply shocks from the US-Israeli conflict with Iran.

Bangladesh imports crude and refined fuel oil from a range of countries, including in the Middle East, to meet its annual demand of roughly 70 lakh tonnes

The consignment has been brought under G2G agreement

The country shipped $4.24 billion worth of garments to emerging markets during the period

Unlike the first oil shock, OECD members can now rely on massive strategic reserves, equivalent to three months of imports

The dollar index, which measures the US unit against six other rivals, eased to 98.773, not far ​from the three-month top hit on Monday

The Spanish group reported a profit of 6.22 billion euros

Brent futures traded down 88 cents, or 1 percent, ‌at $86.92 a barrel by 0451 GMT

The release would exceed the 182 million barrels of oil that IEA member nations put on the market in two releases in 2022 when Russia launched its full-scale invasion of Ukraine

Here are the latest economic events in the Middle East war on Wednesday

US President Donald Trump is under pressure to curb oil prices sent skyrocketing by the war with Iran, but has only limited tools to fix a problem that is shaking the world economy and is politically toxic at home.