Oil extends sharp gains as Middle East conflict widens

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Oil extends sharp gains as Middle East conflict widens

Investing03-04

Oil prices rose in Asian trading on Wednesday after two days of sharp gains, as an intensifying conflict between the U.S., Israel, and Iran kept supply disruption risks at the forefront of investor ...

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Brent oil surged above $85 per barrel, reaching their highest level since July 2024.Traders weigh supply risks amid widening Middle East conflict The current crisis began over the weekend when U.S. and Israeli forces launched coordinated strikes on the Iranian military that killed Supreme Leader Ayatollah Ali Khamenei.The situation kept deteriorating as Israeli and U.S. forces carried out additional strikes on Iranian-linked facilities on Tuesday. Iran responded by stepping up military posturing in the Gulf and issuing warnings to global shipping operators.Tehran has also targeted oil tankers transiting the Strait of Hormuz, the narrow waterway that handles roughly a fifth of global oil shipments. 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