Oil prices surge in global market amid escalating Iran-Israel tensions
The price of Brent crude had fallen to around $87 per barrel on Wednesday following higher US inventories and the decline in Chinese demand due to a slowing economy.
Oil prices fell on Monday as investors were concerned that major oil exporters' output cut deal may not be effective enough.
The West Texas Intermediate for September Delivery lost $0.19 to settle at $49.39 a barrel on the New York Mercantile Exchange, while Brent crude for October delivery erased $0.05 to close at $52.37 a barrel on the London ICE Futures Exchange.
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