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Oil Near Highest This Year as Mideast Tensions Stoke Bullishness
Oil held near the highest level in three weeks as persistent geopolitical tensions countered concerns over the demand outlook. Brent crude was trading near $83 a barrel in London after rallying almost 8% in the previous two weeks. Crude futures in New York were above $79. Activity was subdued as a result of a holiday in the US. Attacks on shipping in the Red Sea and the Israel-Hamas war have added a geopolitical premium to crude. For the first time, the crew of one ship was forced to abandon the vessel after it was hit by a missile. Israel said it will launch a ground offensive in the Rafah area of Gaza unless ... (full story)