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Oil prices rose at the beginning of trading following statements by U.S. Vice President J.D. Vance, in which he warned of escalating attacks on Hezbollah, the Lebanese group supported by Iran. This increased concerns about the stability of the ceasefire agreement in the region. Brent crude futures increased by 0.55% to $80.29 per barrel, while West Texas Intermediate rose by 1.75% to $77.94, with prices stabilizing after a previous decline due to reduced fears about oil supplies through the Strait of Hormuz.
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