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Commodities

Middle East Tensions Send Oil Prices Soaring Again

Guavy AI Editorial Team
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Oil
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Global oil prices have surged again due to escalating tensions in the Middle East and attacks on Saudi energy infrastructure. The shutdown of the East-West oil pipeline has heightened concerns over potential disruptions to crude supplies.

The price of Brent crude futures rose by $1.24, or 1.18%, to $106.93 a barrel during early trading on Tuesday. This comes after a 1% gain in the previous session.

US West Texas Intermediate (WTI) crude futures also climbed, rising by $1.29, or 1.24%, to $102.65 a barrel. The latest gains reflect growing market concerns that continued instability in the Middle East could disrupt oil supplies and put further upward pressure on global crude prices.

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