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Oil prices increase on Middle East worries
Oil prices rose today due to increasing concerns about supply from the Arab region, especially amid escalating attacks on shipping in the Gulf and the Strait of Hormuz, through which about 20% of global oil passes prior to Iran's war. Brent crude increased by 1.33% to reach $101.53 per barrel, while West Texas Intermediate prices rose to $89.39. This comes amid growing risks to shipments and the International Energy Agency’s move to draw on stockpiles, along with U.S. oil inventories dropping more than expected, reflecting market concern over potential disruptions to energy supply.
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