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Commodities

US-Iran Tensions Send Oil Prices Soaring to One-Month High

Guavy AI Editorial Team
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Oil
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Oil prices rose by 2% on Wednesday as tensions in the Middle East escalated. President Donald Trump reimposed a naval blockade on all Iranian ports, and Iran's Islamic Revolutionary Guard Corps threatened to close 'all other export corridors that benefit the U.S. and its allies.'

The Brent futures climbed $1.71 to $86.44 a barrel at 0806 GMT, while West Texas Intermediate futures gained $1.43 to $80.77 a barrel.

Analysts have warned that Iran may use its Houthi allies in Yemen to shut the Bab el-Mandeb gateway to the Red Sea, putting two of the world's most vital energy arteries at risk.

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