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Commodities

Gulf Tensions Send Oil Prices Soaring Above $100 Per Barrel

Guavy AI Editorial Team
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Oil
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Brent crude prices broke above $100 per barrel for the first time since late July as tensions in the Gulf escalated, with oil traders citing supply concerns and reduced output from OPEC.

The US struck Iranian oil tankers linked to the Islamic Revolutionary Guard Corps after Iran attempted missile attacks on a US warship, sharply increasing tensions in the region. The move added to fears of disruption across regional energy flows.

In related news, the yen strengthened against the dollar as investors bet on further tightening from the Bank of Japan. USD/JPY fell 0.39% on Wednesday and is now about 1.85% lower for the week near 153.00.

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