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Commodities

Iran-US Tensions Send Oil Prices Soaring

Guavy AI Editorial Team
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Oil
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Oil prices rose on Monday due to renewed tensions between the US and Iran, which have increased concerns over possible disruptions to oil shipments through the Strait of Hormuz.

The international benchmark Brent crude futures for November delivery traded at $97.50 a barrel at 10:00 a.m. local time (0700 GMT), up 1.27% from the previous close of $96.28.

US benchmark West Texas Intermediate (WTI) crude futures for October delivery increased 1.11% to $92.50 a barrel from $91.48.

The Iranian Revolutionary Guard Corps said it destroyed a US military tethered surveillance aerostat in a drone strike near Erbil airport in northern Iraq on Sunday, according to Iran's Tasnim news agency.

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