Oil prices dip but head for weekly gains amid US-Iran supply fears

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Crude oil prices edged lower but remained on track for notable weekly gains driven by geopolitical tensions. Renewed military exchanges between the United States and Iran have kept concerns over supply disruptions elevated. The ongoing conflict has delayed the reopening of the Strait of Hormuz, a key shipping route for global energy supplies. However, worries about slowing global demand and rising inflation are tempering more significant price increases. Adding to economic pressure, producer price inflation in China climbed sharply, squeezing manufacturers further.

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