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Commodities

Middle East Tensions Send Oil Prices Soaring Above $84

Guavy AI Editorial Team
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Oil
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Crude oil prices rebounded on Wednesday, snapping a three-day losing streak as tensions in the Middle East flared up. The US military intercepted an Iranian attack targeting US troops stationed across the region, while Iran-backed militias launched drones at Saudi Arabia's Eastern Region for the second consecutive day.

The US military said it had successfully intercepted what it described as a surprise Iranian attack. This incident, combined with other regional developments, reinforced concerns over potential supply disruptions.

API data showed that crude oil inventories fell by 3.3 million barrels last week in the US, indicating continued tightness in global oil supplies. The price of crude oil surged more than 6% to above $84 a barrel on Wednesday.

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