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Commodities

WTI Oil Price Jumps Near $87.50 Amid Escalating Middle East Tensions

Guavy AI Editorial Team
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Oil
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The West Texas Intermediate (WTI) oil price has reached near $87.50 in Thursday's early European session, its highest level since June 11.

This increase is largely attributed to rising tensions in the Middle East, particularly between the US and Iran, as well as disruptions to major supply routes.

The critical resistance level for WTI oil has emerged at $88.10-$88.15, while the first downside target to watch is $75.55.

Gelber & Associates analysts attributed the price increase not to a reduction in oil production but rather to market volatility due to ongoing geopolitical tensions.

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