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Commodities

Middle East Tensions Send Oil Prices Soaring Amid Supply Disruption Fears

Guavy AI Editorial Team
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Oil
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Oil prices have risen due to growing concerns over Middle East supply disruptions. The US West Texas Intermediate (WTI) crude price increased by $1.15, or 1.26 percent, to reach $92.63 a barrel.

This rise in oil prices comes as tensions between the US and Iran escalate, with Iran warning of retaliation against any new US attacks on its assets. The Strait of Hormuz, a key global crude shipment route, has heightened worries over supply disruptions.

Brent crude rose to its highest level since July 24, with traders building in a risk premium amid the increased tensions around the Strait of Hormuz.

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