Oil Up 2.54% to $93.32
Oil prices have increased significantly, approaching their highest levels in approximately six weeks, amid growing concerns over declining oil supplies due to escalating tensions between the United States and Iran. Brent crude futures rose by $2.31, or 2.54%, reaching $93.32 per barrel. Similarly, U.S. West Texas Intermediate crude increased by $1.91, or 2.26%, to $86.25 per barrel. The widening futures spread between the spot and contract prices that expire in over two months reflects the market's concern about short-term supply shortages.
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