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Commodities

Oil Prices Soar on US-Iran Tensions

Guavy AI Editorial Team
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Oil
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Oil prices surged by about 2% on Wednesday to reach a one-week high as tensions between the US and Iran escalated, sparking concerns of supply disruptions from the Middle East.

Brent futures rose $1.55, or 1.7%, to $92.04 a barrel at 10:33 a.m. EDT (1433 GMT), while U.S. West Texas Intermediate (WTI) crude increased by $1.84, or 2.2%, to $87.60.

This marks the highest close for Brent since August 24 and WTI since August 20.

Analysts believe that the recent resumption of fighting between the US and Iran has renewed fears of supply disruptions from the Middle East, which in turn drove up oil prices.

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