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Commodities

Middle East Tensions Send Oil Prices Soaring Near $90

Guavy AI Editorial Team
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Oil Copper Wheat
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Oil prices remain elevated near $90 per barrel due to escalating Middle East tensions and attacks on vessels in the Strait of Hormuz. This has led to a surge in energy markets, with Brent crude trading just below $90/bbl in early Asian trading.

The situation is further complicated by Ukraine's grain exports being under pressure as the Black Sea corridor remains closed, adding to global supply risks.

LME copper prices have also risen, reaching a record high of $14,396 per tonne and extending its rally for a third session. This marks a seventh consecutive week of gains in the metal market.

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