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Oil Prices Soar as US-Iran Conflict Reignites Supply Fears

Guavy AI Editorial Team
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Oil
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Oil prices surged over 2.5% on August 31 after renewed military action between the US and Iran reignited concerns about global supply disruptions.

The Brent crude futures rose $2.39, or 2.71%, to settle at $90.49 a barrel, while US West Texas Intermediate (WTI) gained $2.36, or 2.83%, to $85.76.

The price increase followed Iran's overnight missile attacks on two US air bases in Jordan, which was in response to an American strike on Iranian launchers on Larak Island in the Strait of Hormuz.

US President Donald Trump promised a forceful response, saying Washington would 'hit them hard.'

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