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Crude Oil Prices Rise Above $107
Oil prices rose significantly, with Brent crude surpassing $107.75 per barrel, due to escalating geopolitical concerns following U.S. President Trump's rejection of an Iranian proposal to de-escalate tensions and reopen the Strait of Hormuz. This occurred despite increased oil flows from the region, as data showed exports rose to 12.8 million barrels per day in September, amidst ongoing tensions that continue to price in risks to global oil supplies. This increase in prices could exert pressure on inflation and energy costs worldwide.
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