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Oil prices rise on supply risks

Oil prices rebounded as traders assessed diplomatic efforts involving Iran against ongoing supply risks in the Middle East. Markets monitored talks regarding the Strait of Hormuz amid lingering concerns over global energy exports.

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FILE PHOTO: An oil tanker docked at the Port of Fujairah, in Fujairah, United Arab Emirates, May 6, 2026. REUTERS/Amr Alfiky/File Photo

Brent Crude Oil rose 71 cents to $88.55 a barrel on Thursday morning following earlier losses as traders weighed diplomatic efforts against ongoing supply risks. West Texas Oil gained 28 cents to $82.51. The market is balancing potential export relief against the risk of prolonged regional tensions.
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