9 months ago
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Experts warn of economic impact of sustained shipping attacks and Middle East tensions
Oil prices hit $80 (£62.83) on Friday as fears grew about the economic impact of disruption to international trade through the Red Sea and escalating tensions in the Middle East.
Raising concerns over a fresh inflation shock for the world economy, Brent crude prices jumped by about 4% to a high of $80.75 a barrel, while US West Texas Intermediate crude also rose after US and UK airstrikes against Houthi rebel sites in Yemen.
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