The rebound keeps oil prices near six-month highs after Brent gained 6% last week, settling at $116.72 on Oct. 23. Friday's close was the benchmark's highest weekly finish in more than four years. Futures for delivery next April are currently trading just under $100, suggesting markets expect costs to remain elevated through the spring.
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Brent Oil Returns to $117 on Renewed Middle East Supply Fears
Commodities16 hours ago
The benchmark crude grade erased early Monday losses to trade back near its session high of $117 per barrel. Brent had fallen to $115.16 as of 0018 GMT Monday on hopes that Qatari mediation efforts might ease hostilities between the U.S. and Iran, but prices recovered as reports of Houthi strikes in Saudi Arabia and Iranian attacks on tankers renewed fears of supply disruptions.
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