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Iran Strike Spikes Oil Prices Above $84.00 as Middle East Tensions Escalate

Guavy AI Editorial Team
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Oil prices have surged above $84.00 per barrel as tensions in the Middle East escalate, pushing the price of US benchmark West Texas Intermediate (WTI) up by about 7% over the last two days.

The resumption of hostilities between the US and Iran has added a risk premium to crude prices, with the US military announcing new strikes on Iran on Wednesday.

The Strait of Hormuz is now heavily constrained, according to TD Securities, as ongoing disruptions lead to 'reduced flows and global tightening of the energy market.'

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