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Commodities

US-Iran Tensions Fuel Oil Price Surge Amid Weekly Gains

Guavy AI Editorial Team
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Oil
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Oil prices rose on Friday and are headed for their biggest weekly gains since mid-July as renewed tensions between the US and Iran fueled concerns over Middle East oil supplies.

The Brent crude futures price gained 15 cents, or 0.2%, to $95.67 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 26 cents, or 0.3%, to $91.56, according to Reuters.

This comes amid renewed hostilities between the US and Iran, raising concerns about potential disruptions to oil supplies from the Middle East as tensions over shipping in the region persist.

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