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Oil Prices Surge Amid Middle East Tensions
Oil prices extended their gains, with Brent crude nearing $80, building on last week’s steepest weekly jump since early 2023. This surge is driven by fears of a wider Middle East conflict and potential disruptions to exports from the major oil-producing region.

Israel has issued several warnings about targeting Iran’s oil tanks, significantly contributing to the rising oil prices. This marks the first time in a long period that oil prices are aligning with fundamental factors, considering OPEC’s previous control over prices despite the ongoing conflicts involving Israel, Hamas, and Lebanon.

The mere news of a possible attack on Iran’s oil tanks has supported the rise in oil prices above $73.14, and further increases are likely.
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Libya's National Oil Corporation announced on Thursday that it has made significant progress towards restoring the country's crude oil production levels to what they were before the Central Bank of Libya crisis that occurred last August.

The corporation stated that daily production of crude oil and condensates reached 1.217 million barrels per day, which represents a significant increase compared to the previous day when production was recorded at 1.158 million barrels per day.

This recovery in oil production comes after the resolution of the dispute over the leadership of the Central Bank of Libya, where it was agreed to appoint an interim governor for the bank and his deputy, which contributed to the full restoration of oil operations in various Libyan fields and ports.

The National Oil Corporation had previously announced, in cooperation with the Libyan government, the resumption of operations of all oil fields and ports, which enhances the chances of stabilizing Libyan oil supplies to global markets.
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