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Brent Crude Rises on Middle East Tensions Amid OPEC+ Supply Hopes

Guavy AI Editorial Team
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Oil
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Oil prices rose on Tuesday as concerns about renewed conflict in the Middle East and uncertainty over US-Iran negotiations supported crude values.

The international benchmark Brent crude futures for October traded at $84.64 per barrel, up 1% from the previous close of $83.77.

The increase was driven by persistent security risks facing commercial shipping and concerns that tensions between Washington and Tehran could disrupt oil shipments through the Strait of Hormuz.

Negotiations between the US and Iran have yet to produce a concrete outcome, lending further support to crude prices.

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