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☆ Singapore is set to lead the gold market as 'center of gravity' shifts east, World Gold Council says
▼ + stars: | 2024-06-11 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: 1 min

SINGAPORE — Singapore is set to become a leading gold hub as trading shifts east, according to the World Gold Council. Singapore's proximity to these central banks, which are actively snapping up gold, is another factor, he added. "The center of gravity of the gold market has shifted east, with Singapore, fortuitously placed as the potential fulcrum of this new balance," Fan said at the Asia Pacific Precious Metals Conference held in Singapore. China is the world's largest gold consumer, and its central bank is the largest buyer of bullion as the country seeks to boost its gold reserves. Among central banks, the People's Bank of China was the largest buyer of gold in 2023.

Persons: Shaokai Fan, fortuitously, Fan Organizations: World Gold, Asia, Precious Metals Conference, People's Bank of Locations: SINGAPORE — Singapore, Asia, Pacific, Singapore, Singapore . China, People's Bank of China

☆ Gold is getting harder to find as miners struggle to excavate more, World Gold Council says
▼ + stars: | 2024-06-10 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

An employee arranges gold bars for a photograph at the YLG Bullion International headquarters in Bangkok, Thailand. The gold mining industry is struggling to sustain production growth as deposits of the yellow metal become harder to find, according to the World Gold Council. According to data from the international trade association, mine production inched up only 0.5% in 2023 compared to a year ago. In 2022, the growth was 1.35% year on year, the year before it was 2.7%, while in 2020, global gold production logged the first decline in a decade, sliding 1%. New gold deposits are becoming harder to find around the world as many prospective areas have already been explored, he elaborated.

Persons: We've, we've, John Reade, Reade Organizations: World Gold Locations: Bangkok, Thailand

☆ Cash for trash: How activists are responding to Pyongyang's rubbish-filled balloons into South Korea
▼ + stars: | 2024-06-07 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

A balloon believed to have been sent by North Korea, carrying various objects including what appeared to be trash and excrement, is seen over a rice field at Cheorwon, South Korea, May 29, 2024. "We sent facts and truth, love and medicine, and dollar bills, but [the North] sent filth," head of Fighters for Free North Korea, Park Sang-hak, said in a statement. In response to the North's waste balloons, South Korea suspended the inter-Korean military pact signed in 2018, which was aimed at easing animosities. The suspension is effective until "mutual trust between the South and the North is restored," said South Korean Prime Minister Han Duck-soo. For years, groups like the Free North Korea Movement have been deploying balloons carrying items like medicine, propaganda leaflets and South Korean news and media into the North.

Persons: Kim Jong Un, Kim Kang Il, Han Duck Organizations: North Korea Movement, North, South, Fighters, Free North, Center for Strategic, International, Korean Central News Agency, Korea's, Korean, South Korea's Constitutional Locations: North Korea, Cheorwon, South Korea, Seoul, Free North Korea, Pyongyang, Korea, South Korea's

☆ Diamond industry 'in trouble' as lab-grown gemstones tank prices further
▼ + stars: | 2024-06-05 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +4 min

Diamond prices have fallen 5.7% so far this year, according to Zimnisky's rough diamond index, declining more than 30% from their all-time high in 2022. Lab-grown diamonds, which can be up to 85% cheaper than natural diamonds, are made in a controlled environment using extreme pressure and heat. Lab-grown diamond sales have surged from just 2% of the global diamond jewelry market in 2017 to 18.4% in 2023, according to data provided by Zimnisky. An industry 'in trouble'"The diamond industry is in trouble," Daga told CNBC, adding that he believes natural diamond prices could fall another 15%-20% over the next 12 months. Similar to a natural diamond, a lab-grown diamond is graded based on the 4Cs — clarity, color, cut and carat weight.

Persons: Leon Neal, Duncan Wanblad, De, Paul Zimnisky, De Beers, Marcelo Esquivel, Ankur Daga, Daga, Anish Aggarwal, Lionel Bonaventure Organizations: Afp, Getty, De, BHP, Financial Times, De Beers, CNBC, Daxue Consulting, Bloomberg, Zimnisky Locations: Harrods, London, De Beers, American, China, U.S

☆ Singapore Airlines turbulence incident offers a lesson to all in the business, says Emirates president
▼ + stars: | 2024-06-03 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

The recent Singapore Airlines turbulence incident and how the aftermath was handled offers a lesson to all in the industry, Emirates President Timothy Clark said. A Singapore Airlines flight encountered severe turbulence on its way from London to Singapore last month, leaving one person dead and several injured. The flight was forced to land in Thailand and preliminary investigation showed that the plane dropped 54 meters (178 feet) in less than five seconds. "No airline could have done more to try and - one, address the issue, and two, deal with the consequences than Singapore did," he said. Pilots engaged controls in an attempt to stabilize the aircraft while gravitational forces were fluctuating, according to the investigation report, which also noted that seat belt-fastening signals were switched on as the incident unfolded.

Persons: Timothy Clark, Clark, CNBC's Dan Murphy Organizations: Emirates, Singapore Airlines, International Air Transport, Pilots Locations: Singapore, London, Thailand, Dubai

☆ Gold, silver and copper rally has just taken a breather — new highs are not that far off, experts say
▼ + stars: | 2024-05-28 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

Gold and silver bars of various sizes lie in a safe on a table at the precious metals dealer Pro Aurum. Gold prices have been rallying to record highs, with spot gold notching a new top of $2,449.89 per ounce on Monday. Silver too hit multi-year highs earlier last week, as did industrial metal copper. Spot gold is currently trading at $2,351.3. "While geopolitical risks continued to bolster haven demand, an impressive rise in China's gold demand in Q1 2024 has largely fueled the price rally," ANZ's strategists wrote.

Persons: Silver, that's, Joni Teves, CNBC's Organizations: Aurum, U.S ., Treasury, ANZ, India, World Gold, UBS, U.S . Federal, Metals Locations: U.S, China

☆ JPMorgan says China can't be ignored: 'you have to do business there'
▼ + stars: | 2024-05-23 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

"You can't ignore it, you have to do business there, even if you decide not to do business there, you need to understand what's going on," Leenart said, adding that what happens in China "influences every industry around the world." In terms of purchasing power parity, China currently accounts for 19% of global GDP and 48% of Asia's GDP . China is too big to be sidelined, and investors "have to do business there," JPMorgan Asia Pacific CEO Sjoerd Leenart said Thursday, adding that the country had emerged as the second world power. Given how extensively China is linked with the region, Leenart emphasized that there needs to be "good activity" in China in order to have a buoyant investment banking business. "I think that [China] have a lot to sell to the world, and that product will be needed all over the world," said Leenart, adding that he sees a lot of opportunity in China.

Persons: Leenart, CNBC's, Sjoerd Leenart, We've Organizations: JPMorgan Chase &, CNBC's Sri, Global China Summit, JPMorgan Asia Pacific, Investors, China's National Bureau of Statistics, Reuters, Wilson Locations: New York, United States, China, CNBC's Sri Jegarajah, Shanghai . China, Asia, Japan, South Korea, Taiwan, Vietnam

☆ Iran's President Raisi and Foreign Minister Amirabdollahian killed in helicopter crash, state media says
▼ + stars: | 2024-05-20 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

Iranian President Ebrahim Raisi speaks during a meeting with the cabinet in Tehran, Iran, October 8, 2023. Iranian President Ebrahim Raisi and Foreign Minister Hossein Amirabdollahian died in a helicopter crash, state media reported Monday. Iranian state television reported there was "no sign of life" at the crash site of the helicopter that carried Raisi, Amirabdollahian, and others. "All the passengers of the helicopter carrying the Iranian president and foreign minister were martyred," semi-official news agency Mehr News reported. "The overall outline of Iranian foreign policy is not likely to change significantly."

Persons: Ebrahim Raisi, Hossein Amirabdollahian, Ali Ahmadi, CNBC's, Raisi, Malik Rahmati, Affairs Mohsen Mansouri, Pirhossein Koulivand, Ayatollah Khamenei Organizations: Mehr News, FARS News Agency, Geneva Center for Security, Communication, Affairs, Iran's Revolutionary Guards Corps Locations: Tehran, Iran, FARS, Azerbaijan Republic, Iran's, East Azerbaijan's, Tabriz, Turkey, Russia

☆ ECB board member reportedly cautions against back-to-back rate cuts, cites 'risk of easing prematurely'
▼ + stars: | 2024-05-17 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

European Central Bank board member Isabel Schnabel warned against back-to-back rate cuts amid lingering inflation risks, Nikkei reported Friday, as the central bank gears for its June meeting amid expectations of a rate cut. While a rate cut in June could be warranted depending on incoming data and projections, things are less certain beyond that, Schnabel told Nikkei. "After so many years of very high inflation and with inflation risks still being tilted to the upside, a front-loading of the easing process would come with a risk of easing prematurely," the ECB board member added. Geopolitical tensions and policy uncertainty amid a slew of elections worldwide this year also pose risks to euro area financial stability, the ECB said in a recent financial stability review. The review, however, highlighted that financial stability conditions have improved.

Persons: Isabel Schnabel, Schnabel, Luis de Guindos Organizations: European Central Bank, Nikkei, ECB Locations: disinflation

☆ China’s Shenzhen metropolis sees fastest growth in millionaires globally
▼ + stars: | 2024-05-16 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

China's Shenzhen has recorded the fastest growth in millionaires over the past decade, and is poised to see a further influx in the coming years, according to a recent report. Shenzhen recorded 140% growth in millionaire count, according to the report from New World Wealth and investment migration advisors Henley & Partners. In 2023 alone, Shenzhen saw a 10% growth in millionaires, while Beijing and Shanghai recorded a decline of around 5% amid an exodus of high-net-worth individuals from China. Shenzhen, also known as China's Silicon Valley, is expected to continue growing "very strongly" all through to 2040, compared with Beijing and Shanghai, which are likely to see moderate growth, Amoils added. China's Hangzhou city was second in terms of millionaire growth at 125%, while India's Bengaluru and Austin city in the U.S. placed third and fourth, respectively; China's Guangzhou ranked fifth, Amoils told CNBC.

Persons: Andrew Amoils, Amoils Organizations: Wealth, Henley & Partners, CNBC, China's Guangzhou Locations: Shenzhen, China, Beijing, Shanghai, Hong Kong, China's Hangzhou, Bengaluru, Austin, U.S

☆ 'Biggest barrier' to Saudi-Israeli normalization is the two-state solution, says ex-CIA director
▼ + stars: | 2024-05-16 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

A two-state solution to the Israel-Palestinian conflict is "elusive" right now, according to former CIA director David Petraeus, adding that it is also the "single biggest barrier" to normalizing relations between Israel and Saudi Arabia. "A solid path, a solid commitment to a two-state solution from Israel" is the biggest hurdle to Israel and Saudi's normalization plans, Petraeus, who is now chairman at KKR Global Institute, told CNBC's Dan Murphy. However, there have been discrete but growing cooperation between them in recent years, raising hopes for a normalization agreement. Palestinian militant group Hamas infiltrated Israel, killing more than 1,200 people and kidnapping dozens more. More than 35,000 people have been killed in the Palestinian enclave so far, according to the health ministry there which is run by Hamas.

Persons: David Petraeus, Petraeus, CNBC's Dan Murphy, Joe Biden's Organizations: KKR Global Institute, Hamas Locations: Israel, Saudi Arabia, CNBC's Dan Murphy . Saudi Arabia, Palestinian

☆ Copper futures hit record high as data center build-up, EV growth fuels demand
▼ + stars: | 2024-05-15 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

Copper futures hit a record high on Wednesday as demand for the base metal stays strong amid a rush to build data centers and the continued electrification of the global economy. It is integral to manufacturing electric vehicles, power grids and wind turbines, especially as the global economy electrifies. The International Energy Agency is expecting power demand from data centers to more than double to over 1000 terawatt-hours (TWh) in 2026 from 460 TWh in 2022. Copper production growth forecast for 2024 has been cut to 0.5% compared with a 3.7% growth estimated by ICSG last October 2023. Anglo American, a major producer, said it would cut copper output in 2024 and 2025 as it seeks to cut costs.

Persons: ICSG Organizations: Aurubis, Bank of America, International Energy Agency, Study, Quantum Minerals, Citi, London Metals Exchange Locations: Hamburg, Germany

☆ 'Wealth can be pretty isolating': Problems that rich people face, according to therapists
▼ + stars: | 2024-05-14 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

While wealth can bring with it some unconventional problems — such as being denied an invite-only Ferrari and accidentally destroying swathes of coral reefs with a 300-foot yacht — most other problems that the rich face may not be as esoteric as we think. They dismiss rich people's mental health concerns as insignificant and of diminished importance," Paul Hokemeyer, a clinical psychotherapist who treats the ultra rich, told CNBC. Paranoia and distrustWealth can cause people around the super rich to view them as objects, Hokemeyer observed. People who are rich tend to be of higher social status, and those who live in diminished states of power are often drawn to them. Against this backdrop, the super rich tend to become more suspicious of people's motives in associating with them.

Persons: Ferrari, Paul Hokemeyer, Amanda Falkson, Maria Korneeva Organizations: CNBC, Drayson, Psychotherapy Locations: Drayson Mews

☆ Gold bars are selling like hot cakes in Korea's convenience stores and vending machines
▼ + stars: | 2024-05-08 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

Aside from ramen and sausages, South Korea's convenience stores have a new popular item on the menu — gold bars. The country's largest convenience store chain, CU, has been collaborating with the Korea Minting and Security Printing Corporation (KOMSCO) to offer customers mini gold bars — and they're selling like hot cakes. A variety of finger-nail sized gold bars weighing between 0.1 gram and 1.87 gram have been up for sale at CU outlets since April. Priced at 113,000 won each, 1 gram bars were sold out within two days, according to local news reports. This was the sharpest quarterly increase in gold purchases in South Korea in more than two years, WGC noted.

Organizations: Printing Corporation, Gold Locations: Korea, South Korea

☆ China has a 'fake gold' problem — locals are getting scammed into buying artificial jewelry
▼ + stars: | 2024-05-03 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

Gold bracelets at a gold jewelry store in the Zhejiang Province of China. Thousands of people in China have been duped into forking out money on "fake gold" — inferior or artificial gold — after trying to purchase so-called "999 gold" online, according to the government. The purest form of gold is commonly referred to as 999 gold, because it has gold content of 99.9%. "Fake gold is becoming a major problem in China as more Chinese are looking to put their savings into gold," said China Market Research Group's Managing Director Shaun Rein. Fake gold gets darker or reveals a greenish color when placed under flame, while pure gold turns brighter on exposure to heat.

Persons: Shaun Rein, Nikos Kavalis, Rein, Taobao, Pinduoduo Organizations: Visual China, Getty, Research, India, World Gold, Metals, ChinaFotoPress Locations: Zhejiang Province, China, scammers, Nantong

☆ Hedge funds are ‘dead as a doornail,’ says chairman of ultra-rich investors' club Tiger 21
▼ + stars: | 2024-05-01 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

Hedge funds are "dead" as an investment class for the super rich, said Michael Sonnenfeld, founder and chairman of Tiger 21 — a network of ultra high net worth investors and entrepreneurs. Tiger 21 members' allocation to hedge funds dropped to 2% from 12% over the past 16 years, data from the network showed. Currently, private equity takes up the largest allocation of Tiger 21 members' portfolio at 29%, followed by real estate investments at 27%. Hedge funds have a 2% allocation. Tiger 21 has 106 groups in 46 markets.

Persons: Michael Sonnenfeld, Sonnenfeldt Organizations: Tiger

☆ JPMorgan’s calls for a reality check on energy transition are sensible, UAE energy minister says
▼ + stars: | 2024-04-29 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

JPMorgan's calls for a "reality check" on the world's energy transition goals and pathway is a "sensible," the UAE's energy minister told CNBC. "We need always, whenever we put up predictions, especially long term ones, to have a reality check," Suhail Al Mazrouei told CNBC's Dan Murphy in Riyadh, Saudi Arabia on the sidelines of the World Economic Forum. In a recent note to client, JPMorgan warned that the world needed a "reality check" on its efforts to move from fossil fuels to renewables, pointing out that it could take "generations" to reach net-zero targets. "I think it's a very sensible article," said Al Mazrouei. The minister, however, highlighted that the circumstances and financial capabilities of each country on undertaking the energy transition goals will vary.

Persons: Al Mazrouei, CNBC's Dan Murphy Organizations: CNBC, Economic, JPMorgan Locations: Riyadh, Saudi Arabia, Ukraine

☆ 'Chaotic era' for Asian currencies: Bank of America is not bullish on any of them
▼ + stars: | 2024-04-24 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

The onshore CNY is currently trading at 7.24 per U.S. dollar. The South Korean won recently slipped to an 18-month low of 1,389.5 against the dollar. The Bank of Korea chief called the won volatility "excessive" and said the central bank would intervene if needed. Taiwan dollarBofA also remains negative on the Taiwan dollar given strong equity outflows and life insurance companies' additional unwinding of non-deliverable forward hedges. The Taiwan dollar is currently trading at 32.6 per U.S. dollar.

Persons: SeongJoon Cho Organizations: Korean, Woori, Bloomberg, Getty, U.S, South Korean, Fed, Bank of Korea, U.S ., Taiwan Locations: Seoul, South Korea

☆ Bird flu resurgence drives up egg prices, spurring some to stock up
▼ + stars: | 2024-04-24 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

Picture Alliance | Picture Alliance | Getty ImagesBird flu fears are driving up egg prices again. After having subsided for most of 2023, a recent resurgence of avian influenza in poultry facilities across the U.S., Japan and other nations have caused prices of eggs to jump again. The virus, commonly referred to as bird flu, is extremely contagious and lethal among birds, has been detected in dairy herds in recent days. In the U.S., more than 14 million egg-laying chickens died in November and December as a result of avian flu. We have had record high beef, pork and chicken retail prices so eggs can be a substitute, meaning that egg prices would increase.

Persons: David Anderson, M University Julian Stratenschulte Organizations: Getty, of Agricultural Economics, Texas, M University, U.S . Department of Agriculture Locations: U.S, Japan

☆ High global food prices may finally see a bottom in 2024, says Oxford Economics
▼ + stars: | 2024-04-23 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

Rising food prices around the world may finally be seeing a bottom this year. According to Oxford Economics, global food prices are expected to decline in 2024, offering some relief for shoppers. "Our baseline forecast is for world food commodity prices to register an annual decline this year, reducing pressure on food retail prices further downstream," the economic advisory firm wrote in a recent note. The key driving force behind the decline in food commodity prices is the "abundant supply" for many important crops, especially wheat and maize. Wheat harvests are also forecast to come in high, although slightly lower than the record level in marketing year 2022 to 2023, the Oxford report said.

Organizations: Hannaford, Oxford Economics, Farmers, Russia Locations: South Burlington , Vermont, Ukraine

☆ Here's where the world's top 0.001% are putting their money, according to wealth experts
▼ + stars: | 2024-04-22 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

"While there is no official threshold, centimillionaires or individuals with a total net worth of over $100 million, is a good benchmark as entry into the 0.001% club," said Kevin Teng, CEO of WRISE Wealth Management Singapore, a wealth enterprise for ultra-high net worth individuals. Family offices as investment vehiclesIndividuals of such wealth generally have their money managed by single family offices, which handle everything including their inheritance, household bills, credit cards, immediate family expenses, etc., said Andrew Amoils, an analyst at global wealth intelligence firm New World Wealth. "These family offices often have foundation arms for charities and venture capital arms that invest in high growth startups," said Amoils. The number of family offices in the world has tripled since 2019, topping 4,500 worldwide last year with an estimated $6 trillion in assets under management combined. Ultra high net worth individuals also explore potentially buying stakes in professional sports teams, said Dandrew's Buscemi.

Persons: Yana Iskayeva, Kevin Teng, Salvatore Buscemi, Teng, Buscemi, Michael Sonnenfeldt, —, Andrew Amoils, Dandrew's Buscemi, Jerry Jones, Jayne Kamin Organizations: WRISE Wealth Management Singapore, Bay Area, NFL, Dandrew, CNBC, Dandrew Partners, Tiger, Dallas Cowboys, Getty Locations: centimillionaires, New York City, Bay, Los Angeles, London, Beijing, WRISE, United States, Oxnard , California

☆ Oil prices jump 3% on reports of explosions in Iran
▼ + stars: | 2024-04-19 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: 1 min

A view of oil-well in action during sunset at Elk Hills Oil Field as gas prices on the rise in California, United States on April 14, 2024. Oil prices jumped more than 3% after unconfirmed reports of explosions near the Iranian city of Isfahan. Iran's Fars news agency reported that explosions were heard near the Isfahan airport, but emphasized that the reasons were unknown. Global benchmark Brent traded 3.63% higher at $90.27 a barrel, while the U.S. West Texas Intermediate rose 3.66% to $85.76 per barrel. Spot gold prices surged to a fresh all-time high of 2,411.09 per ounce, while the yen strengthened 0.45% to 153.93 against the U.S. dollar.

Organizations: Brent, U.S . West Texas, U.S . Locations: Elk, California, United States, Iranian, Isfahan, Iran's Fars, U.S

☆ Gold is shining ‘bright like a diamond’ and could hit $3,000, says Citi
▼ + stars: | 2024-04-16 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

An employee handles one kilogram gold bullions at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices continued to hover near record highs days after Middle East tensions flared, boosting the safe-haven appeal of bullion. Gold prices notched another record close Monday, with the most-active June contract for gold futures trading 0.37% higher to settle at $2,383 per ounce, and some say there's more room to run. "The recent gold rally has been aided by geopolitical heat and is coinciding with record equity index levels," Citi wrote in a note dated April 15. Market watchers are closely monitoring a potential retaliation by the Jewish state, which has vowed to "exact a price" from Iran.

Persons: Israel —, Bartosz, Conotoxia Organizations: Co, Citi, U.S . Locations: Bangkok, Thailand, East, Iran, Israel

☆ Oil prices could see 'super spike well above $100' if conflict escalates after Iran's attack on Israel
▼ + stars: | 2024-04-15 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

Any disruption in its capacity to supply global markets could send oil prices higher, analysts told CNBC. Insufficient investment makes supply more fragile and increases the chance of a super spike well above $100 if supply is disrupted. Stock Chart Icon Stock chart icon Oil prices since the start of the year. "I think oil prices will go to all time highs this cycle, due to a decade of under-investment in exploration and development," Young added. Oil prices have climbed in recent months on trade disruptions and delays caused by Red Sea maritime attacks from the Houthis, who claim solidarity with the Palestinian people.

Persons: Saeid Arabzadeh, Israel reigniting, Andy Lipow, Daniel Hagari, Josh Young, Brent, Young, Morgan Stanley's Organizations: Afp, Getty, OPEC, CNBC, Brent, Lipow Oil Associates, Israel Defense Forces, Bison, Iran's United Nations, underinvestment, U.S, West Texas Locations: Persian, Iran, Hormuz, Oman, Israel, Damascus, Syria, Asia

☆ Israel vows to 'exact a price' after Iran's attack. Here's what analysts expect could happen
▼ + stars: | 2024-04-15 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +4 min

But Israel will need to strike a delicate balance, he noted, highlighting that "they don't want an overt conflict with Iran." Iran has said the attack on Israel was in response to an Israeli strike on its embassy compound in Damascus, Syria earlier this month. The Islamic regime has accused Israel of the April 1 attack which killed seven Iranian military personnel, including senior commanders. Israel and Iran have been at odds for decades, with Iran funding and supporting groups opposing Israel including Palestinian militant group Hamas. The ongoing conflict in Gaza has often been referred to as a proxy war between Israel and Iran.

Persons: Amir Cohen, Israel, Joe Biden, Ryan Bohl, Bohl, CNBC's, Biden, Benjamin Netanyahu, Benny Gantz, Amir Saeid Iravani, Bashar al, Assad, David Roche, Roche, Israel's, What's Organizations: Reuters, Middle East, Rane, NBC News, United Nations, Palestinian, Hamas, Yemeni, Independent, CNBC Locations: Gaza, Ashkelon, Israel, Reuters Israel, Iran, North Africa, Damascus, Syria, Tehran, United States

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