Brent Steady Near $100 Amid Gulf Exports

Oil prices remain close to $100 per barrel amid a recovery in Gulf Arab exports and Saudi Arabia's price cuts, despite ongoing tensions in the Strait of Hormuz and risks to oil supplies. Brent crude steadied around $100, while West Texas Intermediate rose above $89, amidst geopolitical challenges such as escalating Yemeni tensions and attacks on Russia, which have strained supply and caused prices to increase by over 60% this year. Tensions and limited supplies are among the main factors contributing to the sustained high prices of oil.

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