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Oil gains amid tensions and Strait traffic slowdown
Oil prices rose today, Monday, due to reduced prospects for progress in the US-Iran peace talks and a decline in tanker traffic through the Strait of Hormuz, which rekindled geopolitical concerns in the market. Brent crude increased by 1%, reaching $89.40 per barrel, while US West Texas Intermediate rose to $82.83. Ship movements through the strait sharply decreased following attacks targeting tankers, with no more than five ships passing through on Saturday compared to 31 ships the previous week. This decline reflects escalating tensions stemming from attacks related to accusations between the UAE and Iran.
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