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Oil prices spiked on Wednesday morning, rising over 4.5 per cent at one point after Iran fired a barrage of ballistic missiles against two airbases in Iraq used by US and coalition forces.
The benchmark WTI jumped as much as 4.53 per cent to $65.54 a barrel before settling down slightly after Iran unleashed its first response to the US assassination of military commander Qasem Soleimani.
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