Oil Prices Surge as Middle East Tensions Disrupt Energy Infrastructure
Oil prices opened the week with another surge, before retreating to a certain extent. However, crude prices remained highly volatile and stabilized at their highest levels since 2022. Tensions in the Middle East continue to drive the rally amid disruption in shipping activity in the Strait of Hormuz. Simultaneously, many oil-producing countries in the Gulf are cutting oil output, with Iraq’s oil production plummeting by 70% in its main […]
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