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Commodities

Oil Prices Surge as Middle East Conflict Continues to Disrupt Supply

Guavy AI Editorial Team
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Oil
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Oil prices rose by over 4% on Thursday as investors grew increasingly concerned about supply disruptions due to ongoing conflict in the Middle East.

The Brent futures price hit a session high of $107.84 per barrel, while U.S. West Texas Intermediate crude futures reached $94.84 a barrel.

The uptick in oil prices comes as Iran reviews a U.S. proposal to end the war but has no intention of holding talks to end the conflict, according to Iran's foreign minister.

Turkey's transportation minister reported that a marine drone struck a Turkish crude oil tanker departing from Russia near Istanbul's Bosphorus.

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