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00:02Oil prices surged Tuesday as tensions in the Middle East escalated and U.S. crude futures
00:07approached expiration, according to CNBC.
00:10West Texas Intermediate Crude jumped 6.58 percent to $110.48 per barrel, while Brent
00:17Crude rose 1.94 percent to $111.67, its highest level since May.
00:23At least 18 commercial vessels have come under attack in the Strait of Hormuz over the past
00:27two weeks, according to ship tracker Kaepler.
00:29Iran said two oil tankers caught fire after striking naval mines and warned it would retaliate
00:35against any U.S. strike.
00:36Analyst Thomas Varga attributed rising U.S. crude prices to declining Middle Eastern exports
00:41and increased attacks on Saudi oil infrastructure.
00:44He also cited an exemption for Russian oil tankers from U.S. sanctions and expectations
00:48of declining American oil inventories.
00:50For all things money, visit Benzinga.com
