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Oil prices rise as latest fighting resurrects Middle East supply disruption risks
Economic Times — Markets✓
Original Reporting
AI EXECUTIVE SUMMARY
On Tuesday, oil prices surged as concerns over supply disruptions arose due to escalating conflicts in the Middle East. Both Brent crude futures and West Texas Intermediate crude experienced notable gains. Tensions escalated following the recent direct confrontations between the U.S. and Iran, compounded by shipping data indicating a reduction in vessels navigating the Strait of Hormuz. Notably, a tanker reported being struck by projectiles while passing through the area.
On Tuesday, oil prices surged as concerns over supply disruptions arose due to escalating conflicts in the Middle East. Both Brent crude futures and West Texas Intermediate crude experienced notable gains. Tensions escalated following the recent direct confrontations between the U.S. and Iran, compounded by shipping data indicating a reduction in vessels navigating the Strait of Hormuz. Notably, a tanker reported being struck by projectiles while passing through the area.
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