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Commodities

US-Iran Clashes Send Oil Prices Soaring Again

Guavy AI Editorial Team
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Oil
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Oil prices surged on Monday following renewed clashes between the US and Iran. The latest escalation has caused Brent crude prices to jump over 2.5%, reaching $90.34 per barrel, a significant increase from its earlier high in the year.

The spike in oil prices is attributed to the closure of the Strait of Hormuz shipping lane by Iran in response to the US attack on Larak Island. The strait is a crucial waterway for global oil trade, and any disruption to it can have far-reaching consequences for the market.

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