Oil rises 1% on U.S. jobs data

Oil prices rose today, Friday, following the U.S. Department of Labor's announcement of a decline in jobs, as the U.S. economy lost 23,000 jobs in July. Brent crude futures increased by 1.29% to reach $83.55 per barrel, while U.S. crude futures rose by 1.15% to $78.18. This comes amid concerns over ongoing clashes between Iran and the United States after five months of confrontations, as well as the reduced likelihood of interest rate hikes by the Federal Reserve.

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