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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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Crude oil prices surged on Monday as tensions in the Middle East escalated, raising fears of disruptions to global energy supplies. Brent crude jumped above $107 a barrel, while US benchmark West Texas Intermediate rose to $103.2.

The price increase followed reports that Saudi Arabia temporarily shut its East-West pipeline after drone attacks and a merchant vessel was struck in the Strait of Hormuz on Sunday. Iranian authorities reported one person killed and three injured.

The Strait of Hormuz, a key shipping lane for oil trade, has been under increased scrutiny as Iran tightened control over it, requiring vessels to seek permission to transit and considering a mechanism to impose service fees.

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