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WTI crude futures rose 0.5% to $91.79 a barrel, as the Iranian military claimed attacks on US bases in Kuwait and the UAE, escalating concerns about supply disruptions in the Middle East.
WTI crude futures rose 0.5% to $91.79 a barrel in early Asian trading. This follows claims by Iran's military of attacking US bases in Kuwait and the UAE, with Kuwait stating it had responded to missile and drone threats. ANZ Research analysts noted that this "tit-for-tat" exchange of strikes has raised concerns about a potential reversal in the recent resumption of oil flows through the Strait of Hormuz, thereby pushing up oil prices.
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