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Commodities

Oil Prices Surge on US-Iran Tensions and Supply Disruptions

Guavy AI Editorial Team
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Oil
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Crude oil prices have risen by 8-9% in August due to escalating tensions between the US and Iran, which has added to market worries about supply disruptions. The Strait of Hormuz, a critical waterway for global energy supplies, is now at the center of rising tensions.

The Brent crude price is nearing $92 per barrel, with some analysts warning that tighter global supplies could push oil prices towards $95-$98 per barrel in the near future.

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