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• How Israeli war could affect Strategic Petroleum Reserve
  The nation’s Strategic Petroleum Reserve, the...
  The nation’s Strategic Petroleum Reserve, the one drained by President Biden in an effort last year to lower nationwide gasoline prices, is in an even brighter spotlight because of the attack by Hamas on Israel and the declared war.
  
  Crude oil prices surged on Monday, then lowered slightly on Tuesday. Both Brent crude, the worldwide benchmark, and West Texas Intermediate, the U.S. benchmark, moved closer to $90 a barrel. It has analysts suggesting the conflict in Israel could result in large global oil supplies being withheld.
  
  “If the conflict envelopes Iran… up to 3% of global oil supply is at risk. And if a wider conflict eventuates that ends up impacting transit through the Strait of Hormuz, around 20% of global oil supply could be held hostage,” energy analyst Saul Kavonic said in an interview with Reuters.
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• ☕️What Else is Brewing Wednesday Morning
  Finland says damage to undersea gas pipeline and telecommunications cables appears...
  Finland says damage to undersea gas pipeline and telecommunications cables appears likely to be sabotage; line supplied a third of Finland's natural gas as of 2020 (More) |
  
  Adobe released an updated version of Firefly, its AI image generator, which it says can create images of humans that look, well, more human.
  
  GM reached a tentative deal with the union representing its Canadian workers hours after more than 4,000 employees in Canada went on strike. Meanwhile, the UAW strike in the US is ongoing.
  
  Utah sued TikTok, claiming the app hurts children’s mental health. Arkansas and Indiana previously filed similar suits.
  
  The House of Representatives is expected to vote on a new speaker today, but it’s unclear whether anyone has enough votes to get the job.
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• Israeli Airstrikes Intensify
  Israel yesterday increased its mobilization of reservists to 360,000—the...
  Israel yesterday increased its mobilization of reservists to 360,000—the largest call-up since the country’s founding—as its military continued to launch airstrikes into the sealed-off Gaza Strip following Hamas' surprise attack in Israel Saturday. Israeli airstrikes destroyed Gaza's upscale Rimal neighborhood (see footage) and home to ministries of the Hamas-run government, and regained control of two dozen border towns. Hamas' rockets targeted Tel Aviv and the coastal town of Ashkelon. See the latest updates here.
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• From Twitter: Paul Tudor Jones Talks About Geopolitical Issues
  "This might be the most threatening...

  
  

  "This might be the most threatening and challenging geopolitical environment that I've ever seen," says @ptj_official. "That is also happening at the same time the United States is at its weakest fiscal position since World War 2. It's a really difficult time." pic.twitter.com/SfSwMiEfFK

  
  — Squawk Box (@SquawkCNBC) October 10, 2023

  
  
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for November delivery...
  Benchmark U.S. crude oil for November delivery fell 41 cents to $85.97 a barrel Tuesday. Brent crude for December delivery fell 50 cents to $87.65 a barrel.
  
  Wholesale gasoline for November delivery rose 2 cents to $2.26 a gallon. November heating oil rose 5 cents to $3.02 a gallon. November natural gas was unchanged at $3.38 per 1,000 cubic feet.
  
  
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