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Oil Prices Spike Above $84 as US-Iran Tensions Escalate

Guavy AI Editorial Team
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Oil prices rose sharply over the past two days, pushing the price of US benchmark West Texas Intermediate (WTI) above $84.00 on Thursday, up from lows around $77.16 seen earlier in the week.

The resumption of hostilities in the Middle East and a heightened threat of war spreading across the region have added a risk premium to crude prices.

US military strikes against Iran resumed after a three-day truce, crushing investors' hopes for a negotiated outcome that had allowed oil prices to drop by $12.

The US and Saudi Arabia launched a coordinated attack on Iran-backed Shiite militias in Iraq following comments from US President Donald Trump vowing retaliation after a US-owned gas storage tanker was hit by a drone while anchored at Egypt's port of Damietta.

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