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Oil prices for Brent crude exceeded $100 per barrel on Thursday amid renewed military strikes and fighting in the Middle East that have reportedly disrupted supplies. This followed a period of lower prices after a temporary easing of U.S.-Iran hostilities in June, with the benchmark last reaching that level in May.
Sector representatives, including Miguel Gomez of Cornell University’s Food Industry Management Program, have stated that prior energy cost increases linked to earlier U.S. and Israeli actions against Iran have raised expenses for producers and shippers, with potential effects on consumer prices.
Location: Strait of Hormuz