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Commodities

Brent Crude Surges as US-Iran Conflict and Strait of Hormuz Concerns Persist

Guavy AI Editorial Team
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Oil
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The Brent crude oil price rose above $84 per barrel on August 4, rebounding from steep losses in the previous session.

This increase was largely driven by ongoing concerns over US-Iran conflict and Middle East supply disruptions.

Fears of a wider regional conflict were reignited after Iran rejected US President Donald Trump's comments that he was delaying additional military action against Iran.

The Strait of Hormuz remains a key risk for global oil supplies, with nearly 20% of the world's daily oil consumption passing through the waterway.

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