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Oil Prices Rise Amid Escalating Middle East Tensions

Brent crude rose to 106.30 dollars on Friday as Iran engaged air defenses and seized a cargo ship. Markets remain volatile as a regional ceasefire nears collapse.

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Global energy markets reacted sharply on Friday as Brent Crude Oil futures rose $1.23, or 1.17%, to reach $106.3 a barrel. Simultaneously, West Texas Oil climbed $1.07, or 1.12%, to settle at $96.92. The surge follows a volatile Thursday session where both benchmarks jumped by $5 amid reports of escalating military activity in the Middle East.

An aerial perspective of the Cressier refinery in Switzerland, the nation's sole refining facility managed by VAROPreem, captured during a period of heightened global oil market volatility on April 23, 2026. REUTERS/Denis Balibouse
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