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Oil prices increase on Thursday
Oil prices rose today, Thursday, due to escalating concerns over Middle Eastern supplies amid increasing attacks on shipping in the Gulf and the Strait of Hormuz, through which approximately 20% of the world's oil was transported before the war. Brent crude increased by $1.33 to reach $101.53 per barrel, while West Texas Intermediate rose to $89.39. Prices had declined yesterday following the International Energy Agency's approval to accelerate oil withdrawals from reserves. Last week, attacks on oil tankers intensified, with one vessel being struck by projectiles north of Qatar, as producers prepared to bear the risks despite rising costs and dangers to shipments. These developments have pushed oil prices higher, amid ongoing regional tensions and their impact on the global energy market.
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