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      Oil Prices Set for Significant Weekly Gain Amid Supply Concerns

      Oil prices are poised for an increase of over 8% this week, driven by escalating supply risks in the Middle East. Recent attacks in the region have raised concerns about the security of key supply routes, contributing to market volatility. As of Friday, Brent crude oil prices have retreated to approximately $104 per barrel, while West Texas Intermediate (WTI) crude is trading below $100 per barrel.

      In a notable development, Saudi Arabia's crude oil production has dropped to a 30-year low of 6 million barrels per day. This decline in output, coupled with rising tensions in the Strait of Hormuz and the Red Sea, has further strained global fuel markets. Additionally, diesel prices in the United States have surged above $6 per gallon for the first time, reflecting the impact of these disruptions on supply chains.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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