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Oil Maintains Strength on Middle East Tension

OIL

Middle East escalations are pushing oil Friday as Brent nears the $90/bbl level. The US struck Iranian targets in Syria yesterday stoking fears of rising conflict involving Iran and potentially impacting its oil supply – a key counter against OPEC+ cuts in the second half of this year.

  • There was another 'targeted raid' by the IDF into Gaza but US action certainly the main flashpoint at present.
  • Brent DEC 23 up 1.9% at 89.61$/bbl
  • WTI DEC 23 up 2% at 84.84$/bbl

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