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Oil prices increased by nearly 3% amid escalating tensions between the United States and Iran in the Gulf region. Military confrontations and restrictions on navigation through the Strait of Hormuz have led to a decrease in oil flows via the strait, putting additional pressure on the market and driving prices upward. Brent crude reached approximately $86.72 per barrel, while West Texas Intermediate was around $81.43, with weekly gains expected to reach up to 14%. The deterioration of the ceasefire between Washington and Tehran, along with attacks on oil facilities, has tightened fuel markets globally and supported the rise in prices worldwide.
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