Oil rises for fourth day amid Iran tensions
The oil market experienced a significant surge in prices, with Brent crude jumping 1.6% to around $99.49 per barrel, while West Texas Intermediate rose by 1.72% to reach $94.63. This comes amid ongoing escalation in the region, with Iranian attacks on American military facilities and oil tankers intensifying, along with the U.S. forces destroying five Iranian tankers. These events have caused prices to increase by more than 25% since early August, as Tehran reaffirmed its targeting of American facilities in response to U.S. operations.
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