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Commodities

Oil Prices Soar Above $100 Amid Shipping Disruptions

Guavy AI Editorial Team
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Oil prices surged more than 6% on Thursday, with both major benchmarks trading above $100 a barrel. Brent crude futures settled at $107.63 a barrel, while US oil rose to $102.48.

The rally is fueled by concerns over disruptions to global supplies due to attacks on shipping in the region. The Iran-aligned Houthis seized control of Yemen's port of Mocha, posing a further threat to Red Sea traffic.

Analysts warn that the market risk is no longer confined to a single choke point, but now includes the potential for disruptions to ripple across regional export routes and oil production sites.

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