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Oil prices rise on Libya force majeure hint
Global oil prices have risen significantly due to Libya suspending operations at three oil fields following the closure of a major pipeline, which threatens to increase disruptions in global oil supplies. This comes amid the disruption of the Saudi "East-West" oil pipeline, one of the most important supply lines, which reduces flow by 2.6 to 4 million barrels per day. Repairs are expected to take between 3 to 5 weeks, potentially removing about 4% of the world's oil production. Support for oil prices is also growing amidst uncertainties about the restoration of damaged pipelines and declining hopes for diplomatic de-escalation following the postponement of talks on opening the Strait of Hormuz.
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