Oil nears $98 amid falling Asian stocks
Global oil prices surged sharply, with Brent crude jumping to approximately $97.64 per barrel, and West Texas Intermediate rising to $94.82. This increase was driven by escalating tensions in West Asia and the Israeli attack on Iran, amid fears of reopening the Strait of Hormuz. In financial markets, Asian stocks declined, with the South Korean KOSPI index dropping by 8.2%, despite the announcement of a potential increase in OPEC production quotas by 188,000 barrels per day for July, even though actual production and exports have decreased.
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