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Commodities

Oil Prices Jump Amid Iran and Ukraine War Disruptions

Guavy AI Editorial Team
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Oil
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Physical oil prices have jumped to two-month highs due to supply disruptions caused by the Iran and Ukraine wars. The price of crude oil in the Middle East, Europe, and Africa has surged with some nearing $110 a barrel.

The global oil price benchmark dated Brent hit $105.70 per barrel on Thursday, its highest since late May, breaching $100 for the first time since early June. This pushed the price of North Sea Forties crude to $108.77 on Friday.

The supply disruptions are linked to the Iran and Ukraine wars, with Yemen's Iran-aligned Houthis attacking tankers in the Red Sea this week, triggering a rerouting of some Saudi shipments via a route that circles Africa.

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