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Commodities

Oil Prices Soar Again as Middle East Tensions Rise

Guavy AI Editorial Team
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Oil
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New oil price hikes are set to take effect at midnight on August 28, with gasoline prices expected to rise by 0.28 RMB per liter and diesel prices by 0.31 RMB per liter.

According to SunSirs, the second adjustment of the month will push prices back into the '8-RMB range' for 92-octane gasoline in most regions.

The price increase is due to a combination of factors, including persistent tensions in the Middle East and growing concerns over global oil supply disruptions caused by impeded passage through the Strait of Hormuz.

The US plans to impose severe economic sanctions on Iran, which could further disrupt tanker traffic and lead to higher oil prices.

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