Brent Hits $113 as Gulf Tensions Drive Oil Higher

uk.investing.com —

Oil prices surged 4% on renewed fears of US-Iran escalation in the Persian Gulf, with Brent settling above $113 per barrel, driven by supply concerns rather than current fundamentals. Reports indicate President Trump may consider fresh strikes on Iran, while the US deploys a second aircraft carrier and evacuates troops from some Middle East bases, challenging expectations that midterm elections would bring de-escalation. European gas prices also rose 3% to above EUR90/MWh, while gold fell 2.8% on inflation worries and copper declined over 1.9% amid rising inventories.


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