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Oil prices rose to their highest levels in three weeks due to concerns over ongoing supply disruptions in the Middle East, especially amid escalating tensions between Iran and the UAE and the continuation of the war in the region. The market was supported by a decline in Middle Eastern oil exports and a decrease in refined fuel inventories, despite stable shipping activity through the Strait of Hormuz. Analysts expect prices to follow a gradually upward trajectory due to the lack of significant escalation and ongoing tensions, while risks related to global oil supplies continue to influence the market.
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