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Oil prices rose by approximately 1% after a sharp decline in the previous session, due to fears of ongoing risks to Middle Eastern supplies resulting from the stalled diplomatic resolution to the US-Iran war, which threatens shipping movement. Brent crude traded at around $84.79 per barrel after falling to a three-week low, while U.S. West Texas Intermediate reached about $80.80 after dropping more than 5% earlier. Ongoing tensions among global powers continue to leave oil prices vulnerable to fluctuations.
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