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Oil prices extend gains as US and Iran trade fresh strikes

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Oil prices extend gains as US and Iran trade fresh strikes

Brent crude futures rose 75 cents, or 0.8 percent, to reach $95.40 a barrel by 0345 GMT on Wednesday as overnight military strikes between the United States and Iran raised fresh concerns over energy supplies.

U.S. West Texas Intermediate crude futures also moved higher in early trading, climbing 44 cents, or 0.5 percent, to $90.66 a barrel.

The early price rises extended a sharp rally from Tuesday, when both benchmark contracts soared by more than $4 a barrel.

Tuesday's jump was the largest single-day gain for Brent crude since July 24. For West Texas Intermediate, it was the biggest daily surge since July 23.

The surge followed a series of overnight


According to Joy Online.

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