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Commodities

Brent Crude Price Surges Above $95/bbl Amid Escalating US-Iran Tensions

Guavy AI Editorial Team
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The Brent crude oil price has ended the week above $95/bbl amid escalating tensions between the US and Iran in the Middle East. The front-month ICE Brent contract dropped by $0.80/bbl on Thursday to trade at $95.12/bbl.

The Strait of Hormuz, a critical shipping route for oil exports, has seen renewed drone strikes, prompting commercial fleets to divert their routes and increasing voyage times. This escalation has contributed to the upward pressure on Brent prices.

However, crude oil exports from Iraq have increased to 2.34 million b/d in August, putting some downward pressure on Brent. Market analysts warn that if Hormuz shipments continue uninterrupted, the upward price momentum may slow down.

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