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Oil Prices Soar on US Strikes in Iran

Guavy AI Editorial Team
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Oil
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Oil prices surged on Thursday to their highest level in more than six weeks after a fresh round of US strikes on Iran and Yemen's Houthi forces intensified threats against oil tankers in the Red Sea, fuelling concerns over disruptions to global crude supplies.

The Brent crude futures rose $1.93, or 2%, to $96 a barrel, while US West Texas Intermediate (WTI) crude gained $1.44, or 1.7%, to $88.27.

The escalation of geopolitical tensions in the Middle East came as the US military carried out its 12th consecutive night of strikes on Iran, following President Donald Trump's warning that the United States would destroy an Iranian bridge or power plant each time Iran fired on a ship in the Strait of Hormuz.

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