Oil Prices Stay Above $100 Despite Supply Rise

Oil prices remain above $100 despite a recovery in supplies, due to ongoing geopolitical tensions, increased risks of war between Iran and the United States, the depletion of global inventories, and the repercussions of military operations and disruptions in the Strait of Hormuz. Additionally, rising transportation costs and restrictions on refining exports are contributing to higher final costs. The ongoing Russia-Ukraine conflict has also driven inventories to their lowest levels in five years and increased global demand, further supporting the continued high prices.

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