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Middle East Tensions Boost Oil Prices
The escalating military tensions in the Middle East have led to a rise in global oil prices, with the price of West Texas Intermediate crude jumping to around $83 per barrel and Brent exceeding $88. The escalation came alongside strikes by the United States and Saudi Arabia against Iran-backed groups in Iraq, interception of Iranian missiles, and the detention of oil tankers in the Strait of Hormuz, in addition to attacks by the Houthis on a Saudi tanker in the Red Sea, all of which heightened concerns over the security of oil shipping routes.
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