Oil prices exceed $100/barrel on Middle East tensions and supply concerns

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Oil prices have surged above $100 per barrel due to escalating tensions in the Middle East. Fears center on potential supply disruptions from the critical Strait of Hormuz shipping corridor following recent tanker assaults. The market is further tightened by declining American crude inventories. Stocks of diesel and jet fuel have also remained below average for more than seven months amid the ongoing regional conflict.

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