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Oil Prices Surge Over 2% to Highest Level Since April Amid Strait of Hormuz Attack
Global oil prices climbed more than 2% on Friday, reaching their highest levels since the end of April, as concerns mounted over a possible escalation of the Iran conflict following the US midterm elections.
Summary
An attack on a tanker in the strategically important Strait of Hormuz further heightened fears over potential disruptions to global oil supplies. For the month, Brent crude recorded a gain of 13.6%, while WTI advanced by 15.2%. The Strait of Hormuz is a critical international shipping route through which substantial volumes of crude oil and fuel supplies from Gulf countries are transported to global markets.
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