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Oil Gains as Middle East, Russia Hostilities Imperil Flows
Oil gained Wednesday as hostilities intensified from Russia to the Middle East, threatening supply flows that only recently recovered to near pre-war levels. Brent traded above $106 after Iran-backed Houthi rebels launched missile and drone strikes across Saudi Arabia, including a hit that damaged Saudi Aramco’s headquarters. That added to an escalation in Iranian attacks on tankers in the Strait of Hormuz that’s threatening a rebound in Gulf supply. We discuss the latest energy headlines with Rob Barnett, Senior Energy Analyst for Bloomberg Intelligence. (Source: Bloomberg)