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Commodities

Middle East Tensions Drive Brent Crude Oil Prices Higher

Guavy AI Editorial Team
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Oil
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Brent crude oil prices surged by 2.28% on August 4, reaching $84.82 per barrel, amidst heightened geopolitical tensions in the Middle East.

The Strait of Hormuz has become a major concern for traders as reports of increased friction between nations threaten key maritime chokepoints.

This supply-side anxiety is compounded by news of unplanned refinery outages in Northern Europe, which has tightened distillate availability and supported crude benchmarks.

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