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Commodities

Middle East Supply Worries Send WTI Crude Prices Soaring

Guavy AI Editorial Team
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Oil
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Crude oil prices surged on Monday as supply jitters intensified in the Middle East. WTI futures on the NYMEX rose nearly 3% to trade above $99.50.

The jump was triggered by a precautionary shutdown of a major Saudi pipeline and the delay of a Gulf shipping corridor meeting between Iran and Gulf nations, aimed at discussing temporary shipping arrangements through the Strait of Hormuz.

Saudi Arabia's Ministry of Energy stated that the pipeline had been attacked as a precautionary measure, while Iran's Foreign Ministry spokesperson said that Saudi Arabia insisted on not holding the meeting in Oman.

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