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Commodities

Egypt Drone Attack Ignites Oil Price Surge Amid Geopolitical Tensions

Guavy AI Editorial Team
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Oil
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A US-owned gas tanker caught fire at Egypt's Mediterranean port of Damietta after being struck by a drone, causing an 8% surge in oil prices.

The incident, which also involved a second tanker, has heightened geopolitical tensions in the Middle East. The attack comes as Brent crude is near $95 a barrel, reflecting existing concerns over oil supply stability in the region.

Egypt's petroleum ministry confirmed that the situation was managed without injuries or fatalities, but market participants are reacting to the incident as a factor supporting a new all-time high for crude oil prices.

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