Oil dips as US-Iran Tensions Rise
Oil prices slightly declined today, Wednesday, after strong gains due to escalating tensions between the United States and Iran. Washington carried out airstrikes on Iranian targets, and Iran responded with rockets and drones targeting US forces in Jordan and Bahrain. This escalation temporarily boosted oil prices before the futures contracts for Brent crude dropped by 0.2% to $94.48 per barrel, and West Texas Intermediate by 0.8% to $89.49, amid concerns that potential military escalation could continue to disrupt supplies through the Strait of Hormuz.
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