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Crude Oil Rebounds as Middle East Geopolitical Risks Counter Supply Relief

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The Story

News Summary

  • Crude oil recovered to close higher amid pre-holiday short covering, ongoing US-Iran tensions, and Russian refinery outages.
  • Bullish drivers like dropping Saudi exports and worsening supply deficits were balanced by US naval escorts through the Strait of Hormuz and Saudi Aramco's decision to freeze October Asian pricing.
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104.61 +64.07% over the displayed period

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