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Crude Oil Prices Cool Off After Brent's 12% Spike Amid Iran-US-Israel Tensions
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Oil Prices Cool After Middle East Escalation; Brent Spikes 12% Before Settling
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CNBC TV18
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02-03-2026, 07:24
Oil Prices Cool After Middle East Escalation; Brent Spikes 12% Before Settling
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Global oil prices surged after US-Israel attacks on Iran, escalating into a full-blown Middle East crisis.
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Brent Crude spiked 12% to over $80 a barrel initially but cooled off, now trading with 4.5% gains.
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Iran, the fourth-largest OPEC+ producer, contributes 3% of global output, capable of 3.3 million barrels per day.
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Strait of Hormuz, a critical choke point for 20% of global oil supply, remains open despite closure reports.
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OPEC+ agreed to accelerate output hikes in April, with Saudi Arabia and Russia adding 206,000 barrels per day.
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