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Supply worries keep Brent above $101
Although the price of a barrel of Brent crude oil surpassed $101, the market continued to face concerns over supply disruptions resulting from exchanges of attacks between Iran and the United States near the Strait of Hormuz, which led to a reduction in oil flow from the Persian Gulf. The U.S. Energy Information Administration expected oil prices to rise further amid declining global inventories due to supply shortages from the Middle East, while escalating tensions suggest the possibility of deeper disruptions to the oil market supply.
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