U.S. oil stocks fall by 3.1M
Global oil inventories are approaching critical levels, and rebuilding these stocks will take approximately two years. As a result, oil prices have declined to their lowest point in 12 days. In a separate development, the Iranian Revolutionary Guard announced an explosion on a oil tanker carrying two million barrels south of the Strait of Hormuz, amid escalating violations. The incident has resulted in the killing of six martyrs and injuries to others caused by occupation forces, in addition to the demolition of homes in the Gaza Strip.
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