Global oil prices climb again

Global oil prices have risen significantly, with Brent crude heading toward monthly gains of 14%, and West Texas Intermediate up by 4%, supported by tight fuel supplies amid ongoing stalled talks between the U.S. and Iran. Despite improvements in oil supplies from the Gulf, shortages of refined products and rising shipping costs continue to pressure the market. The U.S. administration is considering options to ease these pressures, including releasing emergency diesel reserves. Markets are also anticipating official data on a decline in U.S. oil inventories.

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