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Commodities

Oil Prices Soar Amid Mideast Tensions

Guavy AI Editorial Team
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Oil
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Oil prices are set to rise by over 8% this week due to renewed tensions in the Middle East, which have raised concerns about oil supply disruptions.

The Brent crude futures for November delivery traded at $104.09 per barrel on Friday, up 8.1% from last Friday's close of $96.28.

The rise is attributed to attacks on tankers and energy facilities in the Middle East, particularly in Saudi Arabia and Iran, which have heightened concerns about oil shipments through the Strait of Hormuz.

Additionally, a decision by seven OPEC+ countries to keep their October production targets unchanged has also contributed to the price increase.

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