West Texas Intermediate surged above US$72 a barrel as news of the latest clashes became known. Oil’s rebound, after futures had plunged in the second quarter as regional tensions cooled, threatens a new wave of disruption for global energy markets. Global benchmark Brent oil prices touched a peak near $125 a barrel in late April, two months after the U.S. and Israel began the military campaign against Iran. Prices returned toward pre-conflict levels this month on growing signs of a recovery.
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