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Brief: "Iraq oil breaks, Brent surges"
Published 3 months ago
Description
Iraq declared force majeure on all foreign-operated oilfields — Basra production cut 73% to 900K bpd. Combined Gulf disruption now 5-6M bpd, 1973-scale. Brent closed $112.19. Gold fell to ~$4,583 — acting as liquidity source, not safe haven. S&P hit new 2026 low. Trump rejected ceasefire. No off-ram