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Oil prices jump as Israel-Iran conflict keeps markets on edge

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Oil prices rose on Thursday as a week-old air war between Israel and Iran escalated and uncertainty about potential US involvement kept investors on edge. Brent crude futures were up $1.48, or 1.9%, to $78.18 a barrel. US West Texas Intermediate crude for July was up $1.72, or 2.3%, at $76.86. Trading volumes were light on Thursday due to a US federal holiday. Goldman Sachs said on Wednesday that a geopolitical risk premium of about $10 a barrel is justified, given lower Iranian supply and risk of wider disruption that could push Brent crude above $90. Reuters

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