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Middle East crisis live: Red Cross ‘outraged’ as Israeli strikes on Lebanon kill at least 254; strait of Hormuz impasse continues | US-Israel war on Iran

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Oil prices climb, stocks fall as ceasefire hangs in balance

After Israel launched a massive bombardment of Lebanon, oil prices rose and stocks fell on fears of a nascent US-Iran ceasefire. Hezbollah said it had fired rockets into northern Israel in response to “ceasefire violations” in the last two hours.

There are fears that the ceasefire may be broken While crude oil remains stuck in Hormuz West Texas Intermediate oil rose around 3% Thursday, down more than 16% from the previous day. Brent rose more than 2 percent After a 13% decline

Stocks also gave back some of their gains. In early trading in Asia, Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Seoul and Taipei were all marginally lower.

An ounce of gold fell to $4,712.

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