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Oil prices rose about 1% in Wednesday’s trading as supply concerns intensified after an Iranian official said enriched nuclear material would not be removed from the country, while hopes for an imminent easing of tensions faded. Brent crude settled at $92.76 a barrel, up 1.39%, while West Texas Intermediate rose to $86.53, up 0.57%. Concerns were also fueled by ongoing disruptions in the Strait of Hormuz, where 37 vessels came under attack in October—the highest monthly number since the war began in February.
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