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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 on Monday as concerns over Middle East tensions escalated. The price of Brent crude futures rose by up to 1% to reach $89.40 a barrel, currently trading around $89.20. This increase comes after attacks targeting Abu Dhabi National Oil Company (ADNOC) tankers and a Saudi Aramco refinery last week.

The sharp decline in tanker traffic through the Strait of Hormuz over the weekend also contributed to the price hike. According to Kpler, only five commercial vessels passed through the strait on Saturday, compared to 31 transits during the previous weekend. On Sunday, no transits were recorded at all.

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