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Commodities

Middle East Tensions Spark $108 Oil Prices

Guavy AI Editorial Team
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Oil
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The price of crude oil has surged to $108 a barrel in global markets due to escalating tensions in the Middle East and recent attacks on Saudi Arabia and vessels in the Gulf.

Saudi Arabia has temporarily shut down its major East-West oil pipeline, a critical route for transporting the country's crude.

The suspension of operations along this key oil transportation route has heightened concerns over global supply and raised fears that oil prices could climb further.

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