Oil Prices Surge Amid Supply Concerns, Iran Conflict.

Oil Prices Surge Amid Middle East Conflict

Global oil prices spiked Thursday, fueled by escalating conflict involving the U.S., Israel, and Iran. Brent crude rose 5.02% to $85.49 a barrel, while U.S. West Texas Intermediate crude jumped 8.04% to $80.66, reaching levels not seen since July 2024.

• Supply Disruptions: Middle Eastern producers are reducing output due to the conflict.
• Strait of Hormuz: Restricted access threatens to cut 3.3 million barrels per day.
• Tanker Attacks: Attacks on oil tankers have continued in the Gulf.
• Refinery Closures: Refineries in the Middle East, China, and India are shutting down.

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