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Commodities

Middle East Tensions Fuel Oil Price Surge

Guavy AI Editorial Team
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Oil
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Global oil prices have been rising due to growing tensions in the Middle East. The Strait of Hormuz, a critical waterway for global energy trade, remains a key concern.

The price of Brent crude has moved close to a three-week high at $91.03 per barrel after increasing by $0.16. US West Texas Intermediate crude rose $0.53 to $85.03 per barrel.

Markets are concerned about a potential disruption to oil shipments through the Strait of Hormuz, which could create supply pressures. Analysts warn that prolonged regional tensions or further disruptions to shipping could push crude prices higher.

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