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Middle East tensions drive oil prices higher

Oil prices extended their gains on Friday, fueled by market concerns over regional security in the Persian Gulf following Houthi attacks on Saudi Arabia. This instability has raised fears of potential disruptions to global energy supplies. Brent crude futures for December delivery rose 0.81% to reach $115 per barrel, while U.S. West Texas Intermediate (WTI) crude climbed 1.2% to $100.67. Brent is on track for its third consecutive weekly gain, whereas the WTI is set to end the week lower.