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AL24 News
Oil Prices Reach One-Month High Amid Hormuz Strait Tensions and Global Market Uncertainty
Oil prices rose significantly today, with Brent crude reaching $84.98 per barrel and West Texas Intermediate (WTI) reaching $79.79. This increase was driven by escalating tensions in the Strait of Hormuz, through which about one-fifth of global oil supplies pass. Brent crude posted its largest gains since May 2020, amid growing concerns that any security escalation in the region could impact energy supplies and global markets.
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