Oil prices rise over 3% to near $104

Oil prices rose by more than 3%, with Brent crude reaching approximately $104 per barrel. The increase was driven by escalating concerns over disruptions to global crude supplies due to shipping disturbances in the Middle East, as well as the halt of part of the oil production in the Gulf of Mexico as a storm approaches. Additionally, U.S. crude inventories experienced a record weekly decline, further heightening geopolitical tensions surrounding the Strait of Hormuz.

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