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Oil jumps to a two-week high after regional escalation

Oil prices rose more than 5% on Wednesday, reaching a two-week high as risk about the Strait of Hormuz increased, ING said.

Reported · Written up by our desk · Energy

Oil prices surged over 5% on Wednesday, climbing to a two-week high amid escalation in the region, according to OilPrice citing ING analysis.

ING said the move suggests market participants were too complacent about prospects for a US-Iran “deal to make a deal,” and that ceasefire expectations and oil flows through the Strait of Hormuz were likely to become more uncertain.

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