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Commodities

Oil Prices Soar Amid Escalating Tensions in Middle East

Guavy AI Editorial Team
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Oil prices surged more than 6% on Thursday as tensions in the Middle East continue to escalate. Brent crude futures settled at $107.63 a barrel, while US oil reached $102.48 per barrel.

The price jump comes after Iran-aligned Houthis seized control of Yemen's port of Mocha, posing a further threat to Red Sea traffic and Gulf traffic remains restricted through the Strait of Hormuz.

Simon-Peter Massabni, head of business development at XS.com, said that attacks from Yemen on Saudi energy facilities introduce a fresh source of market risk, expanding concerns beyond Iran and the Strait of Hormuz.

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