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Commodities

Oil Prices Soar Above $100 as Iran-US Tensions Escalate

Guavy AI Editorial Team
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Oil
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Oil prices have surged to their highest levels since May as tensions escalate between Iran and the US. The Brent crude futures contract closed at $101.21 a barrel on Wednesday, up 3.4% from the previous day's close. This marks the first time that oil benchmarks have traded above the $100-per-barrel threshold since late May.

The recent wave of attacks on shipping in the Middle East has contributed to the increase in oil prices. Iran and the US have been at odds over a number of issues, including trade and security, which has led to increased tensions in the region.

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