Oil remains beyond $100 per barrel as Middle East supply concerns persist
As tensions escalate in the Middle East, particularly around the Strait of Hormuz, oil prices have surged amid fears of potential supply disruptions. Recent assaults on tankers heighten the danger of transporting crude through this vital corridor. Additionally, American crude inventories are dwindling, signaling a tighter market, while diesel and jet fuel stocks remain below average levels, a trend seen for over seven months since the onset of regional conflict.
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