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Oil prices rose in early Asian trading on Tuesday, November 3, with Brent crude up 0.5% to $105.25 a barrel and West Texas Intermediate gaining 0.5% to $96.93. The gains followed reports of a U.S. attack on Iran’s Qeshm Island, reviving fears of an escalation in the conflict and disruptions to supplies through the Strait of Hormuz, despite ongoing contacts between Washington and Tehran over ending the war.
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