Oil gains 5% on supply disruption worries following Biden comments on Israel-Iran tensions
Published On Oct 3, 2024, 3:17 PM
Oil prices surged by 5% due to rising concerns over potential disruptions in supply, particularly in light of recent comments from President Biden regarding escalating tensions between Israel and Iran. These geopolitical developments have intensified worries over oil supply security, which has led to an upward trend in oil prices.
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The geopolitical tensions in the Middle East are causing disruptions in oil supply, leading to increased prices. If these tensions escalate further, we can expect oil prices to continue rising as markets react to the uncertainty.
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