Oil increases on supply concerns
Concerns about a potential decline in global oil supplies, coupled with intensified attacks on Saudi Arabia's oil infrastructure, led to a rise in oil prices today. Brent crude increased to around $107.70 per barrel, while West Texas Intermediate futures rose to $103.31. This comes amid the disruption of the East-West pipeline following attacks by the Houthis, which has impacted cargo movement through the Strait of Hormuz and the Bab el-Mandeb Strait, and threatens to cut 4% of global oil supplies if the disruption continues.
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