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Oil Rises Amid Heightened Conflicts in Middle East

·1 min
Oil prices have increased in response to escalating conflicts in the Middle East. There are rising concerns about potential geopolitical tensions after reports emerged indicating that Iran is preparing to launch an attack on Israel from Iraqi territory. These developments have influenced market movements, although the gains are partially tempered by news that U.S. crude production reached a monthly record of 13.4 million barrels per day in August. The current pricing shows West Texas Intermediate (WTI) crude rising by 1.8% to $70.53 per barrel, while Brent crude is up 1.7% to $74.04 per barrel.