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Euronews
Euronews
Angela Barnes

Oil prices soar as escalating Iran conflict spurs energy supply concerns

Oil Iran Middle East

Oil prices climbed on Monday as investors assessed the economic impact of US and Israeli attacks on Iran, which triggered swift retaliation from Tehran targeting assets in multiple Middle Eastern countries.

The price of a barrel of US benchmark crude surged by about 8% and traded at $72.41 by 09:53 CET, while Brent crude rose 8.48% to $79.05 a barrel. By early afternoon, prices edged slightly higher.

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