Oil increases on geopolitical outlook
Oil prices rose today amid market anticipation of geopolitical developments in the Middle East, particularly concerning the Strait of Hormuz, through which about one-fifth of the world's oil and liquefied natural gas supplies pass. Brent crude increased by 99 cents to reach $83.48 per barrel, while West Texas Intermediate climbed by 1.1% to $78.84. This upward movement came after oil futures contracts closed yesterday with gains exceeding three dollars per barrel.
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