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Commodities

Brent Crude Soars on Shipping Risks and Supply Disruptions

Guavy AI Editorial Team
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Brent crude futures surged to $107.63 per barrel on Thursday, up by $6.42 or 6.34% from the previous day's close.

The rise was driven by concerns over shipping risks and potential supply disruptions following a series of attacks in the region.

The capture of Yemen's port of Mocha by Iran-aligned Houthis added to the tensions, posing a threat to Red Sea traffic and further restricting Gulf trade through the Strait of Hormuz.

OPEC lowered its forecast for world oil demand growth in 2026 to 380,000 barrels per day, marking the fifth straight downward revision.

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