Oil climbs for third week

Oil prices have risen significantly amid ongoing concerns over escalating tensions in the Middle East and their potential impact on energy supplies. Brent crude reached its highest level in over five months at around $114, amid clashes between Iran-backed Houthis and the Saudi-led coalition near the Bab el-Mandeb Strait, a vital oil route. Additionally, the closure of a pipeline in Libya has led to a decline in production, intensifying fears of supply shortages. Oil prices are on track to record gains for the third consecutive week, as tensions and market volatility continue.

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