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Commodities

Oil Prices Swing Amid Escalating Middle East Tensions

Guavy AI Editorial Team
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Crude oil prices continued their volatile ride on Thursday, swinging around $91 a barrel as investors monitored escalating tensions in the Middle East.

The situation began to unfold earlier this week when the US struck Iran and Tehran responded with attacks on US bases in Bahrain, Jordan, Kuwait, and Iraq. Despite the escalation, there are signs that crude supplies remain steady.

Six commodity vessels transited the Strait of Hormuz on Wednesday, down from 11 on Tuesday but still higher than the nearly 13-ship average over the past 10 days, according to Reuters.

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