Brent spots over $110 amid tensions

Oil prices have risen significantly, with Brent surpassing $110 per barrel, reaching its highest level in five months. This increase is due to geopolitical tensions in the region and growing fears of attacks on ships in the Gulf. The market is heavily impacted by the increasing attacks on vessels, as reports indicate that 18 ships have been targeted over the past two weeks, heightening the risk of oil supply disruptions. Despite efforts to ease sanctions on Russia, geopolitical risks remain, prompting investors to anticipate continued price increases even as the market attempts to absorb ongoing oil flows.

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