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Oil gains as reports Israel may attack Iran raise supply worries

  • Oil prices rose sharply on May 21, 2025, as reports emerged that Israel may strike Iranian nuclear facilities, raising supply concerns.
  • This potential strike risks disrupting ongoing US-Iran nuclear negotiations and could trigger a broader Middle Eastern conflict affecting oil supply.
  • Meanwhile, Kazakhstan increased its oil output by 2% in May despite OPEC+ quotas, adding bearish pressure on the market.
  • At the time of reporting, Brent crude was priced at $66.37 a barrel, while West Texas Intermediate stood at $62.56, indicating increased fluctuations in the market.
  • The combined effect of geopolitical risks and production changes suggests oil prices may remain volatile as negotiations and potential conflicts evolve.
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Oil prices jump on report of Israel prepping Iran strike

Crude prices rallied Wednesday following a report that US intelligence suggested Israel was planning a strike on Iranian nuclear facilities, which would send geopolitical tensions into overdrive and fuel regional conflict fears.

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FRESH NEWS broke the news in on Tuesday, May 20, 2025.
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