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Commodities

Crude Prices Surge as Middle East Tensions Escalate

Guavy AI Editorial Team
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Oil
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New York crude futures settled at $84.50 per barrel on Monday, marking the highest level since July 31, about half a month ago.

The gain was driven by concerns over supply disruptions in the Strait of Hormuz, a critical chokepoint for global crude transportation, due to stalled US-Iran ceasefire negotiations and increased tensions in the region.

The Dow Jones Industrial Average fell 272.63 points to 53,459.78, while the Nasdaq Composite slipped 84.25 points to 26,644.91, as market participants increasingly expect Middle East tensions to persist for an extended period.

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