Brent crude futures rose 2% to $96 per barrel, reaching six-week highs due to escalating Middle East tensions. This surge renewed global inflationary concerns, pushing short-term US Treasury yields higher on expectations of earlier Federal Reserve rate hikes. Consequently, the US dollar strengthened significantly, supported by safe-haven demand and increased bets on a September Fed rate increase. These developments could exert upward pressure on imported inflation and the USD/PKR rate, while also influencing international gold prices.
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