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The Middle East remains on edge as concerns grow that Israel may target Iran’s oil production facilities. This uncertainty has led to a significant increase in international oil prices.
Last week, Brent oil futures jumped over 8% week-over-week, marking the largest single-week rise since January 2023. Meanwhile, New York oil futures saw a 9.1% increase, the biggest weekly gain since March 2023.
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As of today, October 7th, international oil prices continued their upward trend, rising by more than 2% during European trading hours. Brent oil futures climbed 2.15%, reaching $79.73 per barrel, while New York oil futures increased nearly 2.5%, settling at $76.20 per barrel.
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