Oil prices have risen following recent escalations in the Middle East, with Brent crude reaching $94.65 per barrel and U.S. WTI at $90.22. This increase marks a five-week high as markets worry about potential supply disruptions, particularly through the Strait of Hormuz, a vital artery for global oil flows. Despite this rise, the odds of reaching a new all-time high remain low, with market participants skeptical of a sustained or significant further increase. Upcoming geopolitical developments and guidance from OPEC and the International Energy Agency will be closely monitored.
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