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Commodities

Oil Prices Surge on Renewed US-Iran Conflict Fears

Guavy AI Editorial Team
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Oil
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Oil prices surged over 2% on Tuesday due to renewed fears of supply disruptions in the Middle East. The conflict between the United States and Iran has escalated, with US President Donald Trump threatening further strikes against Iran.

The price of Brent crude futures rose $2.17, or 2.4%, to $92.66 a barrel by 1302 GMT, while U.S. West Texas Intermediate crude was up $2.48, or 2.89%, at $88.24.

This increase erases most of the losses incurred over the past week due to the re-escalation in Middle East conflict. The Strait of Hormuz, a crucial oil shipping route, remains a key concern for global oil supplies.

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