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Commodities

Hormuz Tensions Spark Global Energy Market Surge

Guavy AI Editorial Team
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Oil
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The global energy market experienced a surge as news broke of an operation targeting 'hostile objects' at the entrance to the Strait of Hormuz, a critical waterway.

According to reports from Iran's semi-official Tasnim News Agency, two explosions were heard on Qeshm Island in southern Iran. This development has led to a significant increase in Brent oil prices, which have risen by around 5%.

The price of a barrel of Brent oil reached $82.3 as of 2240GMT, up 4.9%, while the price of West Texas Intermediate (WTI) crude rose 4% to $78.

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