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Brent crude tops $112 amid regional tensions
Oil prices surged significantly as security tensions in the Middle East escalated. Brent crude oil prices rose to over $112 per barrel after the United States issued orders for its diplomatic staff and their escorts to leave Saudi Arabia, following attacks that resulted in casualties and injuries. The ongoing escalation led to targeted attacks on oil tankers in the region, raising concerns about the impact on global oil supplies, especially in the Strait of Hormuz and the Gulf of Oman, as well as increased attacks on maritime navigation over the past two weeks. However, the U.S. Energy Information Administration reported a decrease in oil inventories by 3.06 million barrels, compared to an expected decline of 820,000 barrels, while inventories of refined products increased.
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