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Commodities

Oil Prices Surge Amid US-Iran Tensions

Guavy AI Editorial Team
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Oil
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Oil prices rebounded on October 28 amid rising tensions between the United States and Iran. The global benchmark, Brent crude, surged 3.86 percent to settle at $103.08 a barrel on London's ICE Futures exchange.

This marked the first rebound for both Brent and West Texas Intermediate (WTI) crude since September 16, when they hit their lowest levels since September 8.

The uptick in prices was attributed to uncertainties surrounding negotiations between the US and Iran. Iranian President Masoud Pezeshkian stated that his country would never surrender to the US while still leaving the door open for a diplomatic solution.

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