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Oil increases amid Strait of Hormuz concerns
Oil prices rose slightly for the fourth consecutive week amid uncertainty over the Hormuz Strait exports, as conflicting statements from Washington and Tehran regarding the opening of the strait to ships. Brent crude oil reached $91.28 per barrel, while Iran adopted an escalatory military stance. Meanwhile, Iraq attempted to ease tensions through alternative oil export mechanisms. American data also showed a decline in oil inventories, as concerns persisted about the potential escalation of conflict in the Middle East and its impact on energy markets.
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