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Oil price increase forecast
The U.S. Energy Information Administration has reported escalating tensions in the Middle East and their impact on oil prices. It has raised its forecast for the average price of Brent crude to approximately $91 per barrel this year, an increase of nearly 5% compared to previous estimates for 2026. Oil prices have been steadily rising since early August, up about 25%, due to military escalation and regional tensions. The price of oil continued its upward trend, gaining more than a dollar in early trading, amid increasing Iranian attacks on American military facilities, which pushed Brent crude above $100 per barrel.
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