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Oil rises as renewed U.S.-Iran strikes reignite Middle East supply fears

Oil prices increased following a series of tit-for-tat strikes between the U.S. and Iran over the weekend. The conflict disrupted shipping through the Strait of Hormuz and sparked global supply fears. Brent crude futures rose to US$72.57 a barrel.

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What changed

Recent military strikes in the Middle East have pushed oil and stock futures higher.

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  1. Oil Prices Rise Amid Renewed U.S.-Iran Military Strikes

    Oil prices increased following a series of tit-for-tat strikes between the U.S. and Iran over the weekend. The conflict disrupted shipping through the Strait of Hormuz and sparked global supply fears. Brent crude futures rose to US$72.57 a barrel.

    What's confirmed:

    • Brent crude futures climbed 58 cents, or 0.8%, to US$72.57 a barrel.
    • U.S. West Texas Intermediate crude rose 88 cents, or 1.3%, to $70.11 a barrel.
    • Renewed strikes between the U.S. and Iran disrupted shipping flows through the Strait of Hormuz.
    • The U.S. and Iran agreed to halt attacks and renew talks.

    Still unconfirmed:

    • Iran launched new strikes against U.S. bases in Bahrain and Kuwait early Sunday.
    • A Qatari-linked oil tanker and container ship were attacked last week.
    • Oil futures fell due to a likely technical correction.
    confidence 90%