US Oil Prices Surge as Middle East Tensions Raise Supply Concerns
During trading, WTI reached $105 per barrel, continuing a rally that has accelerated as the conflict involving Iran expanded and risks to shipping along key regional routes increased.
Global benchmark Brent crude also traded steadily above $110, reflecting ongoing concerns about the security of crude shipments from the Gulf.
Market watchers remain focused on the potential for extended conflict and interruptions around the Strait of Hormuz to further strain global supply.
The International Monetary Fund (IMF) noted that the war is clouding the economic outlook for many countries and has already caused a significant disruption to global oil and liquefied natural gas flows.
These recent gains add to a broader monthly rise in oil prices, with Brent poised for one of its largest monthly jumps on record as traders factor in geopolitical risks, possible damage to infrastructure, and uncertainty over regional exports.
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