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Oil reaches multi-week high amid Iran conflict
Oil prices have risen to their highest levels in several weeks, with Brent crude reaching $98.25 per barrel and West Texas Intermediate at $93.70. This increase is driven by escalating geopolitical tensions in the Middle East following exchanges of strikes between the United States and Iran, as well as attacks on oil tankers and energy facilities. These developments heighten fears of ongoing disruptions to oil supplies until 2027, with expectations of rising prices and limited supply throughout the current year.
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