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Commodities

Oil Prices Soar as US-Iran Tensions Escalate

Guavy AI Editorial Team
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Oil
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The price of crude oil has surged for a second consecutive day due to escalating tensions between the US and Iran. The situation is driving up prices, with WTI oil reaching one-month highs.

The recent agreement between the US and Venezuela may eventually provide some relief by boosting supply, but its impact on the short-term market is expected to be minimal.

A key bearish trend line for WTI oil is at $86.50-$88.50, which is currently being tested. A sustained break above this level could signal a larger move higher for oil prices.

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