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NewsID :
192110
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Wednesday 17:14 2024/10/02
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Oil prices surge amid escalating Middle East tensions
Global oil prices surged on Wednesday, with West Texas Intermediate (WTI) crude and Brent futures increasing by over 2% in response to escalating tensions in the region following a barrage of overnight missile attacks between Iran and Israel.
This comes after a significant spike of over 5% in the previous day's trading, with prices ultimately settling around 2.5% higher. However, oil broker Tamas Varga has cautioned that prices could skyrocket even further if Israel responds to Iran's large-scale missile attack on Tuesday night.
The UN Security Council and the OPEC+ group are scheduled to convene on Wednesday to address the growing unrest and discuss the impact on the oil market.
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