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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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Global oil prices surged nearly 4% on Wednesday due to escalating tensions in the Middle East and a significant drop in US crude inventories.

The Brent crude futures climbed 3.9% to $87.39 per barrel, while U.S. West Texas Intermediate (WTI) rose 3.8% to reach $82.31 per barrel.

The rise in prices is attributed to both supply concerns and demand-side data, with market participants reacting to a 3.3-million-barrel drop in US crude stockpiles during the week ending July 24.

OPEC+ may consider delaying planned output increases for three months, starting in October, which would keep more oil off the market and tighten global supply.

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