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Oil prices rose by more than 2% after the U.S. attacks and the return of sanctions

Oil prices rose by more than 2% after the U.S. attacks and the return of sanctions

Reuters reported that oil prices on Wednesday rose by more than two percent after U.S. airstrikes on IRGC positions and the reinstatement of sanctions on the sale of crude oil by the Islamic Republic. According to the report, the price of Brent oil, by 4:00 a.m. Greenwich Mean Time, increased by $1.92 to reach $76.08 per barrel. U.S. West Texas Intermediate (WTI) oil was also traded up by $1.82 at $72.26. Reuters…

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OPEC+ reached a preliminary agreement to increase their 188,000-barrel-a-day production quota in August

OPEC+ reached a preliminary agreement to increase their 188,000-barrel-a-day production quota in August

Bloomberg, citing OPEC+ representatives, reported that seven major countries in the alliance, led by Saudi Arabia and Russia, have reached a preliminary agreement to increase production quotas for oil in a limited way in August. According to the report, if the decision is approved at Sunday’s video conference meeting, the production quota for these countries will increase by 188,000 barrels per day. The increase is…

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