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October WTI Crude Oil futures rallied to $90.60 per barrel, highest since July 24, as Middle East tensions around the Strait of Hormuz and strikes on Russian refineries added supply risk premium.
WTI Crude Oil futures pushed higher amid heightened volatility, trading within a wide $5.50 intraday range. Market attention focused on elevated geopolitical tensions near the Strait of Hormuz and potential shipping disruptions, alongside a historical weekend effect that often introduces price uncertainty. After hittin