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Oil levels remain near three-week highs amid tensions
Oil prices remained near their highest levels in over three weeks, reaching approximately $91 per barrel for Brent and $85 for U.S. crude. This was supported by Iran's statements indicating that it would adopt an aggressive stance to keep the Strait of Hormuz closed and confirming that the strait would remain closed until the United States responds to the terms of the provisional agreement. However, shipping traffic through the strait remains limited, as negotiations continue between Iran and Oman regarding traffic management. Meanwhile, tensions and military threats between the U.S. and Iran are escalating, with attacks and the potential for further escalation that could impact global oil markets.
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