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Oil hovers near three week high on Hormuz fears

Oil prices remained near a three-week high on Wednesday due to persistent shipping uncertainty in the Strait of Hormuz and supply disruptions. Brent crude rose to $91.20 a barrel while WTI reached $85.10.

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

Brent Crude Oil rose 18 cents, or 0.2%, to $91.20 a barrel on Wednesday afternoon amid persistent shipping uncertainty. Prices touched a three-week high before paring gains as traders monitored traffic through the Strait of Hormuz. The ongoing geopolitical risk premium continues to support energy valuations as supply disruptions mount.
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