Oil wraps up strong weekly gain with no progress toward Middle East peace

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Crude oil prices are rising due to increased conflict over the Strait of Hormuz and hardening positions by the U.S. and Iran, raising concerns about supply disruptions.
Supply disruptions from attacks and suspensions, along with forecasts of weaker demand growth and higher U.S. inventories, are creating volatility but currently favor higher prices due to tight supplies.
Energy stocks and related ETFs have risen significantly, as indicated by XLE’s 7.6% weekly gain and strong moves in oil, gasoline, and natural gas futures.

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