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Commodities

US-Iran Tensions Spark Oil Price Surge

Guavy AI Editorial Team
Instruments
Oil
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Oil prices surged on Monday as tensions between the US and Iran escalated, raising fears that global oil supplies could be disrupted. Brent crude prices jumped $3.15 to $91.25 a barrel at 0903 GMT, while US West Texas Intermediate (WTI) crude climbed $2.96 to $86.36 a barrel.

The conflict has now entered its sixth month, with the latest rise coming after US forces attacked Iran's Larak Island in the Strait of Hormuz on Sunday. The US military struck two Iranian launchers on the island, according to Reuters, citing a US official.

Negotiations to end the conflict remain stalled, and markets are now watching whether the situation will escalate further or begin to calm down. Any additional military action could increase concerns about oil supply and push prices higher, said UBS analyst Giovanni Staunovo.

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