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Commodities

Brent Crude Surges Past $100 as US-Iran Tensions Escalate

Guavy AI Editorial Team
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Oil
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Oil prices surged past $100 per barrel for the first time since July on Wednesday, driven by escalating US-Iran tensions in the Gulf region.

The price of Brent crude rose to $100.91 a barrel on Trading Economics, up 3.05% on the day and about 15% over the month.

This comes as the US military said it destroyed five Iranian tankers carrying crude after attempts to strike a US Navy warship with ballistic missiles, while Iran claimed attacks on two American vessels and eight oil tankers in the Gulf.

Meanwhile, Sinopec's research arm forecast that Chinese oil demand will shrink by 600,000 barrels a day in 2026, citing high prices and accelerating electric vehicle adoption as key factors driving the decline.

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