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Oil Prices Rise on Supply Worries
Oil prices rose today due to escalating tensions in the Middle East, which raised concerns over potential disruptions to oil supplies. Brent crude increased by $1.59 to reach $110.38 per barrel, while West Texas Intermediate rose by $1.36 to reach $99.18 per barrel. This rise was supported by a decline in U.S. oil inventories, which fell by 4.9 million barrels over the past week. The gains come amid increasing security risks, as oil tankers are targeted in attacks, and markets are weighing the prospects of reaching agreements amidst ongoing diplomatic efforts, all while concerns about global supply disruptions persist.
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