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Oil Prices Surge
(MENAFN) Brent crude oil futures experienced significant gains on Friday, surpassing the $114 mark.
Brent contracts climbed 5.7% to reach $114.2 by 7:37 pm (1937 GMT), while West Texas Intermediate (WTI) futures advanced 6.18%, crossing the $100 threshold.
Market volatility persists due to the ongoing conflict in Iran, which erupted on Feb. 28. Recent US and Israeli strikes on Iranian targets, along with Iran’s retaliatory attacks on energy infrastructure across the Gulf, continue to unsettle global commodity markets.
Since the end of February, Brent crude futures have surged approximately 45%, while WTI has recorded a 40% increase, reflecting the heightened tensions in the region.
Brent contracts climbed 5.7% to reach $114.2 by 7:37 pm (1937 GMT), while West Texas Intermediate (WTI) futures advanced 6.18%, crossing the $100 threshold.
Market volatility persists due to the ongoing conflict in Iran, which erupted on Feb. 28. Recent US and Israeli strikes on Iranian targets, along with Iran’s retaliatory attacks on energy infrastructure across the Gulf, continue to unsettle global commodity markets.
Since the end of February, Brent crude futures have surged approximately 45%, while WTI has recorded a 40% increase, reflecting the heightened tensions in the region.
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