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Middle East Tensions Spark 4% Surge in Crude Oil Prices

Guavy AI Editorial Team
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Oil
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Crude oil prices surged on Wednesday as tensions in the Middle East flared up once again. The US military intercepted an Iranian attack targeting US troops, while Iran-backed militias launched drones at Saudi Arabian oil facilities. This has sparked fresh concerns over disruptions to energy supplies.

The price of crude oil jumped more than 4% to reach $83 per barrel, snapping a three-day losing streak. This increase comes after several days of relative calm in the region. US military officials confirmed that they intercepted an Iranian attack targeting US troops stationed across the Middle East.

Iran-backed militias have been launching drones at oil facilities in Saudi Arabia's Eastern Region for the second consecutive day, causing uncertainty over the extent of the damage. The US API data showed crude oil inventories fell by 3.3 million barrels last week, indicating continued tightness in global oil supplies.

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