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Oil prices experienced a significant surge Tuesday, fueled by market expectations that the ongoing conflict in the Middle East could extend longer than initially anticipated. Concerns over potential disruptions to key energy infrastructure and shipping routes, such as the Strait of Hormuz, further contributed to the upward pressure.
Brent crude, the North Sea benchmark for May delivery, climbed 5.45% to $81.98 a barrel. Similarly, West Texas Intermediate (WTI) crude for April delivery rose 5.32%, reaching $75.02 a barrel.
