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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 to near six-week highs after US strikes on Iran and renewed Israeli threats raised concerns about further disruptions to oil supplies from the Middle East.

The Brent crude futures price rose $1.76, or 1.8 percent, to $97.39 a barrel by 10:25 GMT, erasing earlier losses, according to Al Jazeera.

US West Texas Intermediate (WTI) crude futures also gained $1.91, or 2.1 percent, reaching $92.92 a barrel.

Israeli Defence Minister Israel Katz's warning that Israel would 'cripple' Iran's infrastructure, including energy facilities, if Tehran launched attacks against Israel contributed to the latest rise in oil prices, said Saxo Bank analyst Ole Hansen.

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