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Oil Prices Hit Four-Week High on Middle East Tensions

Crude oil prices settled near a four-week high as escalating tensions in the Middle East fueled supply concerns. The United Arab Emirates suspended economic ties with Iran while Strait of Hormuz traffic remained slow.

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Oil tankers pass through the Strait of Hormuz, December 21, 2018. REUTERS/Hamad I Mohammed

Brent Crude Oil rose 60 cents to settle at $91.62 a barrel on Wednesday. It marks the highest close in nearly four weeks amid escalating Middle East tensions. The rally follows the United Arab Emirates suspending all financial transactions with Iran.
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