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Commodities

Middle East Tensions Support Crude Oil Prices Amid Limited Gains

Guavy AI Editorial Team
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Oil
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Crude oil prices have gained support due to ongoing supply disruptions in the Middle East. Tensions between Saudi Arabia and Houthi rebels have led to attacks on energy facilities, forcing several oil facilities to halt production.

Saudi crude production fell to 6.238 million bpd in August, the lowest since 1990. The Houthi rebels' advances along the Red Sea in Yemen have contributed to concerns about tighter oil supplies from the region.

The US Energy Secretary mentioned that 18 million barrels of crude oil and refined products passed through the Strait of Hormuz on Tuesday, easing global supply concerns. However, the disruption to Saudi Arabia's East-West pipeline has limited crude gains today.

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