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Oil surpasses $110 level
Oil prices experienced a significant rise of over 2%, with Brent surpassing $110 per barrel. This increase was driven by declining hopes for diplomatic progress between the United States and Iran, along with concerns over disruptions in the Middle East supply, and a decline in U.S. oil inventories by approximately 4.9 million barrels in just one week. These developments come amid escalating geopolitical tensions surrounding maritime security and energy supplies in the region, which have supported prices despite the prospects of political de-escalation or increased oil production.
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