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Brent crude rose to $113 a barrel, gaining more than 7% today.
Brent Crude Price, US Dollars Per Barrel
The increase comes amid rising tensions in the Middle East and growing risks of supply disruptions from the region, including threats to shipping through the Strait of Hormuz. Additional pressure on the market is coming from OPEC+ production curbs, as well as from traders stepping up purchases in response to mounting geopolitical tension.