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Commodities

Oil Prices Surge on Shipping Concerns Amid Ongoing Iran Conflict

Guavy AI Editorial Team
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Oil Natural Gas
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Oil prices settled higher on Friday after concerns over global crude flows mounted following reports that some tankers were forced to turn back in the Strait of Hormuz.

Brent futures rose 1.2% to close at $90.12 a barrel, while US West Texas Intermediate (WTI) futures gained 1.3% to settle at $84.67 a barrel.

The war in Iran has curtailed traffic through the Strait of Hormuz, a vital choke-point that carries about a fifth of global crude oil and natural gas supplies.

Ole Hvalbye, market analyst at SEB Research, said 'The market has stopped trading the war and started trading the shipping data.'

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