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Commodities

Oil Prices Rebound as Tensions in Middle East Ease

Guavy AI Editorial Team
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Oil
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Oil prices rebounded on July 28 after a three-day decline as tensions in the Middle East eased. The US is trying to forge a diplomatic solution to end the war with Iran, but violence persists.

The West Texas Intermediate crude oil price rose towards $82 a barrel, paring some of the 14% decline over the past three sessions. Brent crude closed near $84 on Tuesday.

Iran-backed militias in Iraq fired drones at oil facilities in Saudi Arabia's Eastern Region for a second day, putting pressure on the kingdom. The maritime blockade limiting its crude oil shipments is also taking its toll.

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