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Oil prices rise on US-Iran Tensions
Oil prices experienced a significant rise following increased geopolitical tensions in the Middle East. The prices jumped by more than three dollars per barrel due to joint American and Saudi strikes in Iraq, the interception of Iranian rockets targeting American forces, and a decline in U.S. oil inventories by 3.3 million barrels last week. The escalation of attacks between Iran and the international coalition has further fueled crude prices, with Brent increasing by 3.9% to reach $87.39 per barrel, and West Texas Intermediate rising by 3.8% to $82.31. There are also expectations that OPEC+ will refrain from increasing production for three months starting from October.
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