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Commodities

Gulf Supply Risks Spark Brent Price Surge Past $108

Guavy AI Editorial Team
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Brent crude prices surged past $108 per barrel on Monday, marking a significant gain as supply risks in the Gulf region intensify.

The price hike comes after Saudi Arabia temporarily closed its East-West pipeline following drone attacks, removing an alternative route to the Strait of Hormuz.

This disruption, combined with ongoing risks around Hormuz and Russia's involvement in the conflict, has tightened fuel supplies worldwide.

US diesel prices have reached a record high above $6 per gallon, while Brent crude for October and November delivery rose more than 3% on Monday.

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