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Commodities

Oil Prices Climb Amid Escalating Middle East Tensions

Guavy AI Editorial Team
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Oil
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Oil prices surged on Tuesday as supply concerns mounted due to escalating tensions in the Middle East. The region's key oil route, the Strait of Hormuz, has become a focal point for traders who are pricing in a risk premium amid heightened worries over disruption to global crude shipments.

The price of Brent crude futures climbed 34 cents or 0.35% to $97.34 per barrel, while US West Texas Intermediate crude rose by $1.26 or 1.26% to $92.63 per barrel.

Brent crude had previously hit its highest level since July 24 and continues to rise as tensions in the Middle East escalate.

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