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Oil prices rise as traders weigh prospects of easing Middle East supply disruptions; Brent crude up 0.81% to $88.55, WTI up 0.34% to $82.51
Oil prices rose on Thursday, with Brent crude futures up 0.81% to $88.55 a barrel and West Texas Intermediate crude futures gaining 0.34% to $82.51. Traders are weighing signs of diplomatic progress involving Iran against lingering risks to oil supplies from the Middle East. Qatar's prime minister is scheduled to visit Iran on Thursday to relaunch diplomatic talks aimed at ending the nearly six-month-old U.S.-Israeli conflict with Iran, which has effectively closed the vital Strait of Hormuz route for Gulf energy exports. The waterway previously handled about one-fifth of global daily oil and liquefied natural gas supplies.
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