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Oil prices rose about 1% on Wednesday as supply concerns resurfaced after an Iranian security official said Tehran would not allow enriched nuclear material to leave the country. Hopes for de-escalation have faltered, while shipping through the Strait of Hormuz remains disrupted. Brent crude settled at $92.76 a barrel, up 1.39%, while West Texas Intermediate rose to $86.53, a gain of 0.57%. Data showed that 37 vessels came under attack in October. A research note warned that restoring oil flows through the strait would depend on clearing mines, insurance costs, and ships’ willingness to risk making the crossing.
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