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Oil rises for fourth day as Brent nears $100
Oil prices have risen for the fourth consecutive week, with Brent approaching $100 per barrel after Iran attacked U.S. military installations in the Gulf region with ballistic missiles. This has heightened regional tensions and significantly driven up oil prices. Futures contracts for Brent crude surged to $99.49, an increase of $1.57, while West Texas Intermediate crude rose to $94.63, up by $1.60. Since early August, prices have increased by nearly 25%, due to deteriorating hopes for a lasting resolution to the six-month-long war and the escalation of fighting between Iran and the United States.
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