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Oil Prices Set for Weekly Gains Amid Ongoing Supply Concerns
Oil prices rose during Friday's trading session, with expectations of strong weekly gains. This occurred despite ongoing concerns over supply disruptions in the Middle East due to renewed clashes between the United States and Iran, which have disrupted navigation through the Strait of Hormuz. Brent crude increased by 19 cents to reach $76.49 per barrel, while West Texas Intermediate rose by 19 cents to $72.27. The market anticipates that oil prices will achieve gains of approximately 6% and 5% respectively over the week.
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