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Middle East tensions push oil prices higher

Growing concerns about the safety of maritime routes and potential fuel-supply disruptions are driving sharp rises in Brent and WTI. Analysts warn of knock-on effects for inflation.

The geopolitical situation in the Middle East has sharpened abruptly, triggering a nervous reaction among investors on commodity markets. Brent crude has broken through a key resistance level, posting a daily gain of nearly 3.8%. According to NORN analysts, if supply disruptions persist, fuel-station prices in Europe could rise as soon as next week — complicating central banks’ efforts to keep inflation on a downward path.
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