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Brent nears $97 amid Gulf supply boost
Oil prices for Brent approached $97 per barrel, despite Gulf exports returning to near 2025 levels at 23.3 million barrels per day, amid ongoing geopolitical concerns and attacks on energy infrastructure in the region. Bank forecasts indicate that prices could fall to $85 by the end of the year due to weak Chinese demand, although currently low inventories and geopolitical tensions are supporting prices. The rebound in exports has primarily centered on crude oil, while shipments of refined fuels have halved due to refining disruptions and increased shipping risks.
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