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Oil Hits 3-Month High as US Strikes Iranian Tankers
Crude oil rose above $94 a barrel on Wednesday, scaling three-month highs after the US struck several Iranian tankers near Kharg Island, a major crude export hub. The attacks heightened geopolitical tensions and raised concerns about further disruptions to global oil supplies. A US official said the strikes came in response to an attempted missile attack on a US warship. Tehran retaliated by launching ballistic missiles toward Jordan and warning vessels in the Persian Gulf, urging tanker crews near Kuwaiti and Bahraini ports to “immediately abandon their vessels.” Iran-backed Houthi militants also attacked energy infrastructure in southern Saudi Arabia, including the 400,000-barrel-a-day Jazan refinery. Meanwhile, stronger Chinese oil demand is pushing up prices for African, Canadian and Latin American crude as disruptions in the Strait of Hormuz force refiners to look farther afield for alternative supplies.
Source: Trading Economics
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