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Oil prices surge 8.8% as hedge funds raise Brent bets amid Hormuz risks

Verifying
  • Hedge funds increased net long Brent positions as United States-Iran tensions intensified.
  • Brent rose 8.8% to $95.85 a barrel during the week ended September 1.
  • Transit volumes fell at both Strait of Hormuz and Bab el-Mandeb chokepoints.
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