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Commodities

WTI Surges Above $98.50 Amid Middle East Supply Fears

Guavy AI Editorial Team
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Oil
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The West Texas Intermediate (WTI) oil price has risen above $98.50 per barrel, amid fears of supply disruptions in the Middle East.

The WTI has been gaining momentum for the second consecutive day, trading at around $98.60 per barrel during Asian hours on Tuesday.

Saudi Arabia's East-West pipeline, a crucial alternative route to the Strait of Hormuz, remains shut indefinitely following recent drone attacks, fueling supply anxiety.

The diplomatic situation in the region is also contributing to the price surge, with Iran refusing US talks and a supertanker explosion near Hormuz reported by Tehran.

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