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Oil Hits Over $103 Amid Middle East Tensions
Oil prices rose significantly today, Thursday, with Brent crude surpassing $103 per barrel. This increase was driven by escalating tensions in the Middle East, particularly with rising attacks on oil ships in the Arabian Gulf and the Strait of Hormuz, which historically accounted for about 20% of global oil shipments before the Iran conflict. Amid these developments, the United States has been reducing its production in anticipation of a hurricane that threatens offshore output. Despite international measures such as accelerating the release of reserves to address rising prices, markets continue to be affected by the turmoil resulting from the Iranian conflict.
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