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Tension in the Middle East, oil prices rise again in the global market

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Tension in the Middle East, oil prices rise again in the global market
With rising military tensions in the Middle East and uncertainty over fuel oil supply, crude oil prices have risen again in the international market. On Friday (October 23), fuel oil is on a price-increasing trend for the third consecutive week.

In the international market, the price of Brent crude rose by 0.36 percent to reach $113.58 per barrel. At the same time, the price of U.S. West Texas Intermediate (WTI) oil rose by 0.33 percent to stand at $99.80 per barrel. This week, Brent crude prices have risen by about 3 percent.

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Reports of attacks on energy facilities and transport hubs in Saudi Arabia and speculation about possible new military operations by the United States and Israel in Iran have increased market concerns. These events have raised fears of disruption to oil production, transportation and supply systems.

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As the Middle East is an important hub of global energy supply, increased conflict in the region could also put pressure on the economies of import-dependent countries. In particular, if oil production facilities, export terminals and maritime transport are disrupted, prices in the international market could become even more volatile.

The report, citing The New York Times, said that after the U.S. midterm elections, the United States and Israel are planning a new attack on Iran early next month. However, there is uncertainty about the timing and implementation of the possible attack.

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The report noted that due to the conflict between the United States and Iran this year, Brent crude prices have risen by more than 85 percent. If the conflict is prolonged, energy supplies could be further disrupted, which could affect global market prices and import-dependent economies.

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