Oil Prices Rise Amid Escalating Supply Disruption Fears

Deep News07:43

Oil prices advanced during early trading as concerns over supply disruptions in the Middle East intensified. On Sunday, Iran launched at least four waves of missiles toward Israel in response to an Israeli airstrike on Beirut hours earlier, which targeted the Tehran-backed militant group Hezbollah. This attack marks the first time Iran has directly targeted Israel since a ceasefire agreement with the United States took effect in early April and could lead to a prolonged closure of the Strait of Hormuz, a critical waterway through which roughly one-fifth of the world's oil typically flows. Front-month West Texas Intermediate crude futures rose 2.1% to $92.45 per barrel, while front-month Brent crude futures gained 2.3% to $95.23 per barrel.

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