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Commodities

Middle East Tensions Send Oil Prices Soaring

Guavy AI Editorial Team
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Oil
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Oil prices surged by over 2% on Monday after the US and Iran engaged in strikes, marking the sixth month of conflict in the region.

Brent crude futures rose to $90.45 a barrel, while US West Texas Intermediate crude increased to $85.71, with both experiencing their largest gains since August 25.

The price hike was attributed to concerns over disruptions to oil supplies and the resumption of military strikes in the Middle East, according to UBS analyst Giovanni Staunovo.

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