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Middle East oil prices hit post-March high
Oil prices in the Middle East have risen to their highest levels since March, due to concerns over a potential supply shortage caused by attacks that halted a major Saudi oil pipeline and increased tensions in the Red Sea and surrounding waters. The price of Oman crude reached $132.09 per barrel, with its premium over Brent crude increasing to around $24. Ongoing attacks on ships and pipelines are heightening risks to oil flows, fueling inflation fears and expectations of interest rate hikes. Saudi Arabia shut down the pipeline after it was targeted by drone strikes, amid global pressure on oil transit routes.
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