Oil Prices Surge Over 4% to New Levels in Market Rally

Oil prices rose significantly, with Brent crude soaring over 4% to approach $80 per barrel, due to the ongoing clashes between U.S. and Iranian forces targeting facilities in the Gulf, and Iran’s decision to close the Strait of Hormuz once again. The International Energy Agency reported that global demand for oil is beginning to recover, with a gradual increase in supplies passing through the Strait of Hormuz, although global production remains roughly 9.4 million barrels per day below pre-war levels.

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