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Oil prices climb on US-Iran tanker tension
7 Sep
Summary
- Oil prices increased amid escalating US-Iran tensions.
- Concerns rise that the conflict may disrupt crude oil supplies.
- Iran claimed responsibility for targeting three oil tankers.
Global oil prices experienced an uptick as tensions between the United States and Iran intensified over the past weekend. Renewed concerns have emerged that this escalating conflict could potentially disrupt crude oil supplies. Such disruptions are feared to contribute to rising inflation.
Iran announced on Sunday that it had targeted three oil tankers. According to the Iranian statement, these vessels were using an unauthorized route through the vital Strait of Hormuz. In response to these developments, Brent crude futures saw an advance of 0.6%.
Disclaimer: This story has been auto-aggregated and auto-summarised by a computer program. This story has not been edited or created by the Feedzop team.
