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Oil spikes as Middle East strife heightens supply concerns

IndiaTimes Wednesday, 18 October 2023
Brent crude oil prices surged to $93 a barrel as tensions in the Middle East escalated, threatening oil supplies from the region. Iran called for an oil embargo on Israel, prompting concerns of conflict spreading and leading to a leap in oil prices. Geopolitical tensions, along with falling US crude stocks and stronger-than-expected Chinese economic growth, also supported oil prices.
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