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Strike at Saudi Aramco Refinery Pushes Oil Prices to $97.07

Guavy AI Editorial Team
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Global energy markets are bracing for severe supply disruptions after reports emerged of a strike at Saudi Aramco's Jazan refinery, which has pushed Brent crude to $97.07 per barrel and WTI to $92.43 per barrel.

The strike, combined with Iranian threats to enforce a shipping exclusion zone in the Strait of Hormuz, has raised concerns about supply disruptions and inflation risks.

Analysts at CLSA note that war-related supply constraints, low global product inventories, and U.S. refinery maintenance are driving refining margins to multi-month highs, benefiting export-oriented refiners like Reliance Industries.

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