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Commodities

Oil Prices Soar Near $97 as Iran Conflict Escalates Strait of Hormuz Risks

Guavy AI Editorial Team
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Oil
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Crude oil prices have reached near $97 a barrel after gaining 9% last week, fueled by concerns over the Iran conflict and risks to the Strait of Hormuz. The ongoing tensions have raised fears about disruptions to global oil supplies.

OPEC+ has maintained its October output unchanged, which may not be enough to meet growing demand. In addition, low inventories, falling exports, and tight supply-demand balances are contributing to higher prices.

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