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Oil nears $107 amid supply worries
Oil prices rose significantly amid increasing risks to Middle Eastern supplies, especially after attacks on Saudi Arabia's East-West pipeline, which pushed Brent crude above $107 per barrel—close to its highest level since May. Market experts described the rising risks as stemming from concerns over supply shortages, amidst ongoing tensions between Iran and the United States and escalating Houthi attacks on Saudi territory. Analysts expect Saudi Arabia and the U.S. administration to restore the pipeline's operation soon, but the market outlook remains tense, with risks to global oil supplies on the rise.
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