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Commodities

Oil Prices Surge as Middle East Tensions Mount

Guavy AI Editorial Team
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Oil Natural Gas
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Oil prices ended July on a high note, closing more than $1 per barrel higher on Friday as concerns over global crude flows mounted.

The war in Iran has sharply curtailed traffic through the Strait of Hormuz, a vital chokepoint that previously carried about a fifth of global crude oil and natural gas supplies.

Brent futures settled up $1.09, or 1.2 percent, at $90.12 a barrel, while US West Texas Intermediate (WTI) futures closed up $1.08, or 1.3 percent, at $84.67 a barrel.

The Iranian Revolutionary Guards stopped two tankers from transiting the Strait of Hormuz, while four others changed course, according to Fars News Agency reports.

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