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Global oil prices rise after Saudi pipeline attacks
Global oil prices have risen significantly following attacks on a Saudi oil pipeline that transports about 4 million barrels per day to the Red Sea. This has caused disruptions in crude supplies and heightened concerns over navigation security in the Strait of Hormuz. Concurrently, vessel traffic through the strait has decreased to about 4 ships per day, increasing market anxiety about the continuity of oil flows, and raising geopolitical risk premiums as well as shipping and insurance costs. Brent crude hit approximately $103.87 per barrel, while West Texas Intermediate reached $100.30, amid ongoing tensions that threaten global energy supply security.
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