Oil Prices Hit 5-Month High Amid Supply Concerns

Oil prices reached a five-month high following attacks in the Gulf region, with the Iranian-backed Houthis hitting targets in Saudi Arabia and the Iranian IRGC damaging vessels near the Strait of Hormuz. These incidents raised concerns over potential disruptions to global oil supply, causing Brent crude to jump 3% to $112 per barrel. The region's escalating conflict has led to evacuations by the US and Saudi oil company, amid fears of further escalation impacting energy markets.

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