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Commodities

Oil Prices Soar to Four-Month Highs Amid Middle East Tensions

Guavy AI Editorial Team
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Oil
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Oil prices have risen significantly in recent days due to growing concerns over supply disruptions in the Middle East. Brent crude has reached four-month highs, trading as high as $109.97 a barrel on Friday.

The price increase is attributed to increased tensions between the US and Iran, which carried out some of their worst attacks on shipping since the conflict began. Additionally, Yemen's Iran-backed Houthi group has seized control of the port city of Mocha, further exacerbating supply chain risks.

As a result, Brent oil futures have surged 12.4% this week, while WTI futures are up 12.7%. The Strait of Hormuz and the Bab el-Mandeb Strait are now key points of concern for crude markets.

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