Oil prices react to Middle East tensions
Oil prices temporarily rose due to escalating tensions in the Middle East, including U.S. strikes on Iran and Israeli escalation, despite expectations of declining global inventories, which support the price increase. Futures contracts for Brent crude reached approximately $95.52 per barrel, hitting their highest level in six weeks. Meanwhile, supplies passing through the Strait of Hormuz decreased, with Iraqi exports increasing; however, the market is closely watching how the attacks and tensions will impact supplies and stability in the region.
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