Crude oil futures near $89 ahead of market opening

Oil prices continue to rise amid escalating tensions between the United States and Iran, fueling concerns over potential disruptions to global oil supplies. The price of Brent crude has risen to around $88.7 per barrel, with a trading volume of $59 million over the past 24 hours. Meanwhile, West Texas Intermediate (WTI) has increased to $83.62, with trades totaling $111.2 million. These increases come amid an unprecedented escalation in the confrontation between Washington and Tehran, as Iran retaliates to American strikes with attacks on bases in the Gulf. The rising prospects of disrupting navigation through the Strait of Hormuz and its potential impact on global energy markets are adding to the apprehensions.

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