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U.S. Oil Surges Above $107, Brent Crude Hits Five-Month High Amid Mideast Tensions
U.S. West Texas Intermediate (WTI) crude oil futures jumped 4.2% to around $107.50 per barrel, while global benchmark Brent crude futures rose 1.9% to $111.42 per barrel, marking their highest price since May 19. The rally is driven by escalating tensions in the Middle East, with attacks on commercial ships in the Strait of Hormuz increasing. Iran's Revolutionary Guard Corps stated that two "non-compliant" oil tankers caught fire in the strait after hitting mines laid by its naval unit. Meanwhile, Iran's Foreign Ministry Spokesperson Esmaeil Baqaei warned that Tehran would respond to any American strike "in equal measure, if not more forcefully."
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