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Commodities

US and Iran Escalate Conflict, Oil Prices Rise Over 3% in Response

Guavy AI Editorial Team
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Oil
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Oil prices rose over 3% on Monday after the US attacked an Iranian island in the Strait of Hormuz, and Tehran said it had retaliated. The conflict between the two countries extended into its sixth month.

Brent crude futures increased by $2.87 (3.26%) to $90.97 a barrel at 11:20 GMT, while US West Texas Intermediate crude rose by $2.91 (3.49%) to $86.31.

UBS analyst Giovanni Staunovo said 'Renewed military strikes in the Middle East and concerns of further oil supply disruptions have lifted oil prices.'

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