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Oil Prices Rise Amid Middle Eastern Tensions
Oil prices rose slightly, with Brent futures increasing by 0.3% to around $100.59 per barrel, and U.S. West Texas Intermediate futures climbing to $89.73. This is despite ongoing security risks in the Middle East. Recently, regional oil exports have exceeded pre-war levels on some days, aided by the recovery of Saudi exports and increased Gulf flows, even amid recent attacks on tankers and heightened tensions in the Strait of Hormuz. Additionally, the G7 agreements to draw 100 million barrels from emergency reserves helped ease supply concerns, even as shipping and insurance costs rose due to tightness in the global shipping market.
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