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Commodities

Middle East Conflict Sparks Global Oil Price Surge

Guavy AI Editorial Team
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Oil
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Global oil prices surged on Thursday, with Brent crude reaching $108 per barrel for the first time since May. The price hike was driven by escalating conflict in the Middle East, particularly in the Strait of Hormuz and Red Sea.

The US and Iran have traded strikes, while the Iran-backed Houthis have attacked Saudi Arabia and ignited tensions in the Bab al-Mandab Strait.

According to Jason Tuvey, deputy chief emerging markets economist at Capital Economics, 'The step up in attacks in the Strait of Hormuz and by the Houthis against Saudi Arabia suggests that Iran and its proxies are trying to regain the initiative in the war.'

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