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Oil drops on Middle East tensions
Oil prices temporarily rose due to tensions in the Middle East but then slightly declined, with Brent crude dropping 0.39% to $105.51 per barrel, and West Texas Intermediate decreasing 0.55% to $97.43 per barrel. This came amid investor anticipation of a possible escalation in the region and a potential easing by the United States of restrictions on oil tankers, as well as growing conflicts between Saudi Arabia and the Houthis and increasing attacks on ships in the Strait of Hormuz. Additionally, the International Energy Agency announced a withdrawal of over 20 million barrels of diesel to boost supply, coinciding with discussions by the Trump administration about lifting sanctions on certain "shadow fleet" ships to reduce global shipping costs.
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