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Oil surged as spiked geopolitical tensions escalated supply worries

25 Mar,2024
Oil surged as spiked geopolitical tensions escalated supply worries

Oil advanced on Monday amid worries over a shortage of supply due to growing conflicts taking place in the Middle East and also the disruptions in Russia and Ukraine, as a decrease in the US rig count spiked pressure on prices to soar.

Brent crude added 0.6%, to $85.95 per barrel at 0359 GMT while gold futures rose by 0.7% to $81.18 per barrel.

The two benchmarks dropped below 1% the earlier week compared to the week previous. A solid greenback that edged up over 1% the previous week, capped prices.

On the other hand, US oil rig slumped by one to 509 the earlier week, displayed data showing a decreased supply in the future from the energy services company Baker Hughes.

According to Kyiv, two days after the worst aerial assault of Ukraine's energy system in more than two years of full-scale war, Moscow unleashed 57 missiles and drones in the attack, which also targeted the country's capital.

According to the Palestinian Red Crescent, Israeli forces in the Middle East encircled two more Gaza hospitals on Sunday, trapping medical personnel beneath barrage of gunfire. In ongoing fighting inside Gaza's flagship Al Shifa hospital, Israel claimed to have taken 480 militants into custody.

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