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الاقتصادية
Oil Approaches Second Weekly Gain
Oil prices are showing an upward trend and heading to achieve a second consecutive weekly gain, as the market remains between increasing geopolitical risks and the release of emergency reserves. Brent crude prices are approaching $106 per barrel, while West Texas Intermediate is above $97, amid confirmation that an incident involving a ship sinking in the Strait of Hormuz was caused by an Iranian projectile, adding to the uncertainty over Gulf supplies. Tensions and high reserves have led to decreased shipping costs. The countries of the Cooperation Council announced they will continue releasing 100 million barrels, a measure taken in March to help ease prices. Meanwhile, U.S. oil inventories declined by 8.6 million barrels last week due to halted production following Hurricane Iyas, increased refining activity, and exports. However, geopolitical risks remain that could escalate conflict and potentially lead to military actions by the United States against Iran.
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