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Crude oil rises as Middle East tensions fuel supply concerns
Crude oil is climbing alongside renewed fears about global supply after escalating confrontations involving Iran and U.S. forces.
Crude oil futures are trading sharply higher as tensions in the Middle East continue to escalate, raising concerns about the security of global oil supplies, according to Forexlive.
Forexlive links the move to heightened risks around regional shipments after U.S. forces said they destroyed five Iranian oil tankers following Iranian missile attacks against a U.S. warship.
The outlet also points to retaliatory actions and further threats, including Iran targeting a U.S. base in Jordan and warning of additional measures, as uncertainty around oil logistics increases.
Latest closeWTI crude $94.28 ▲3.1%