Oil reaches $110 amid supply fears
Oil prices rose significantly today, Wednesday, due to concerns over potential supply disruptions from the Middle East. Brent crude reached $110 per barrel, while West Texas Intermediate increased to $99. Reports indicate at least 18 attacks on ships over the past two weeks, during which Iran targeted oil tankers in the Arabian Gulf, threatening loading and transportation operations in the region. Additionally, US oil inventories declined last week by 4.9 million barrels, with decreases in gasoline and distillate stocks, fueling expectations of higher prices amid supply disruptions.
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