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Oil prices rise due to supply risk
The attacks on Saudi oil tankers in the Red Sea led to a significant rise in oil prices, with Brent crude surpassing $96 a barrel, the highest level in six weeks, amid escalating tensions between the United States and Iran. A Saudi vessel was targeted, resulting in a fire onboard, while the United States continues to target Iran in an escalation that increases the likelihood of security deterioration in the Gulf region. These developments raise concerns about heightened disruptions to global oil supplies, especially given Saudi Arabia's increasing reliance on the Red Sea as an alternative route to the Strait of Hormuz.
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