Economy / Finance

Oil Price Spikes as Geopolitical Tensions Stoke Supply Disruption Fears

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Oil spikes 4% as geopolitical tensions stoke fears of a supply disruption Phil Rosen Oct 13, 2023, 12:18 PM EDT Oil prices jumped more than 4% Friday amid rising geopolitical tensions. The US on Thursday sanctioned two shipping firms that it said broke the G7 oil price cap. Markets continue to watch how the Israel-Hamas conflict unfolds in the Middle East. Oil prices jumped on Friday amid swirling geopolitical tensions in Europe and the Middle East. West Texas Intermediate climbed 4.25% to $86.41 a barrel, while Brent crude, the international benchmark, jumped 4.09% to $89.52 a barrel. On Thursday, the US imposed…

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