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Oil hits $110 mark again
For the first time since May, Brent crude oil prices have approached $110 per barrel, driven by concerns over escalating tensions in the Middle East, particularly the potential of Iran increasing attacks on Saudi energy infrastructure and the shutdown of a Russian refinery following drone strikes. Brent contracts rose by 3.7% to $109.86, while U.S. West Texas Intermediate crude reached its highest level since September 17 at $101.41, amid growing fears of reduced oil supply resulting from the attacks and ongoing tensions, reinforcing expectations that prices will continue to rise.
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