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Oil reaches six-week high amid Middle East tensions
Oil prices rose by more than 1.5%, reaching their highest level in over six weeks, with Brent crude reaching $96 a barrel. This increase was driven by escalating tensions in the Middle East following the United States’ recent strikes on Iran and the targeting of oil tankers by the Houthis in the Red Sea. Despite a rise of two million barrels in U.S. stockpiles and a decline in exports, oil prices increased due to geopolitical concerns and military tensions in the region, renewing pressure on the global oil market.
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