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US-Iran Tensions Send Oil Prices Soaring Amid Geopolitical Friction

Guavy AI Editorial Team
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USD
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US-Iran tensions have escalated to new heights as oil prices continue to surge. The Brent crude futures contract (BRNV6) rose by 0.65% to $94.39 per barrel, while the West Texas Intermediate (WTI) futures contract (CLV6) advanced by 0.26% to $87.06 per barrel over the past fortnight.

The US President announced unprecedented sanctions against Iran aimed at severely weakening its economy, which Tehran responded to with a warning that its reaction would be devastating.

Market participants are exhibiting growing apprehension over US sovereign debt and sustained energy price pressures supporting expectations of a prolonged restrictive monetary stance by the Federal Reserve.

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