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Commodities

$100 Brent Crude: Tensions in the Middle East Spark Oil Price Surge

Guavy AI Editorial Team
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Oil
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Brent crude oil prices have reached $100 a barrel for the first time since July 24, fueled by escalating attacks across the Middle East and concerns over disruptions to oil supplies.

The global crude benchmark has jumped by a quarter since early August as hopes for a permanent resolution to the six-month-old war faded and fighting flared again.

US forces hit multiple Iranian oil tankers near the vital crude-export hub of Kharg Island, stoking fears of deeper disruptions in the Strait of Hormuz. The Middle East war intensified on Tuesday with Iranian-backed Houthis in Yemen launching strikes on several Saudi cities.

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