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Oil nears six-week high amid Middle East tensions
Oil prices have risen significantly, approaching their highest levels in six weeks, due to escalating tensions in the Middle East and growing fears of disruptions in energy supplies. Brent crude contracts increased by $1.84 (2%) to reach $92.85 per barrel, while West Texas Intermediate rose by $1.67 (2%) to $86.01. These increases are driven by heightened tensions resulting from attacks between the United States and Iran, warnings from the Houthi group in Yemen of targeting ships in the Bab el-Mandeb Strait, and potential naval blockade of Saudi Arabia. These developments have caused shifts in oil tanker routes and increased shipping costs, as concerns persist about the impact of conflicts on global energy supplies.
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