Oil surge and currency slide hit Asia as Iran ceasefire falters
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Oil prices surged as Brent crude rose 2% to $106.4 amid faltering ceasefire hopes with Iran, raising supply concerns. Concurrently, Asian currencies like the rupiah, rupee, and peso reached record lows, leading to extensive central bank interventions. In response to LNG supply disruptions from the Gulf conflict, Japan and South Korea increased coal production.
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