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Global oil prices have risen significantly during today's trading, reaching their highest levels in about a month due to escalating geopolitical tensions in the Gulf region and concerns over disruptions to energy supplies through the Strait of Hormuz, which accounts for around 20% of global oil shipments. Brent crude increased by $1.46 to reach $86.19 per barrel, while West Texas Intermediate rose by $1.11 to $80.40. There are expectations that ongoing tensions could push prices even higher if security risks and military escalations in the region persist.
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