Oil rises 3% as Brent exceeds $90
Oil prices rose by 3%, with Brent crude surpassing $90 for the first time since June 11, amid escalating tensions between the United States and Iran and their impact on oil shipments through the Strait of Hormuz. The market experienced strong gains, with Brent crude recording a weekly increase of 15.9%, amidst repeated attacks on ports and a maritime blockade imposed on Iran, leading to a decline in ship traffic through the strait and a reduction in the number of vessels passing through it. Analysts expect that the coming days will clarify the extent of the impact of the blockade and tensions on export levels and oil inventories.
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