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Commodities

Oil Prices Soar Amid Ongoing Middle East Conflict

Guavy AI Editorial Team
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Oil
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Oil prices surged to nearly $110 per barrel on Thursday for the first time since July, amidst the ongoing Middle East conflict.

The attack by Iran's Revolutionary Guard Corps (IRGC) on US Navy destroyers and oil tankers in the Strait of Hormuz further escalated tensions, with no end to the war in sight.

US President Donald Trump stated that the war is unlikely to end before the midterm elections in November, while advisors have warned him it could last throughout his term.

Oil analysts at Standard Chartered predict that oil price gyrations will continue through the third quarter due to the ongoing stalemate in the US-Iran conflict.

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