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Commodities

Oil Prices Soar Amid Escalating US-Iran Conflict

Guavy AI Editorial Team
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Oil
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Global oil prices have ended July with their strongest monthly gain since March due to escalating tensions between the US and Iran. The conflict has raised concerns over supply disruptions, causing oil prices to surge.

American oil West Texas Intermediate (WTI) traded near $84 per barrel after fluctuations in a range of more than $8 during the week. Since the beginning of the month, its value has increased by approximately 21%.

The US imposed sanctions against Iranian firms accused of supporting racketeering in the Strait of Hormuz. Despite new mutual strikes between the two countries, shipping through the Strait has intensified in recent days.

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