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Brent crude for May delivery surged more than 10% today, approaching $120 per barrel, driven by rising Middle East tensions following strikes on gas installations.
Read more: Conflict in the Middle East could drive up oil prices and shake the world. Markets in panic
At 09:45 Lisbon time, according to Bloomberg data collected by EFE, Brent was up 10.79% at $119.05 per barrel. West Texas Intermediate (WTI), the US benchmark, also rose but less sharply, gaining 3.29% to $99.49 before the official market opening.
