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Commodities

Brent Crude Surges Past $100/bbl Amid Escalating Tensions Between US and Iran

Guavy AI Editorial Team
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Oil
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Brent crude oil prices have surged past $100/bbl for the first time in two months, driven by persistent geopolitical tensions between the US and Iran.

The ICE Brent contract has gained $1.94/bbl on the day to trade at $102.30/bbl as of 09:00 GMT, according to data from engine.online.

Analysts from ING Bank believe that current signals indicate further escalation in tensions between the two nations, which could keep oil prices high.

The US Central Command (CENTCOM) has reportedly destroyed 10 Iranian oil tankers over the past week as part of Tehran's shadow fleet network funding the IRGC.

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