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Oil reaches six-week high amid tension
Oil prices have experienced a significant rise to their highest level in six weeks, after Iran threatened to target energy infrastructure in the Middle East in response to American attacks that struck Iranian assets, leading to a reduction in oil supplies from the region. Brent contracts increased to $97.13 per barrel, up 0.9%, while West Texas Intermediate reached $92.63, up 1.3%. Tensions between the United States and Iran escalated, including exchanges of attacks on oil tankers, which caused a sharp rise in oil prices, severely impacting global supplies. Countries are adjusting their reserves to prepare for a potential shortage. Economic sources expect that continued escalation could push oil prices to $120 per barrel if attacks on maritime shipping increase.
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