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Oil is treading this morning as tensions in the Middle East offset a rise in supply.

Brent crude – the international benchmark for oil prices – tipped over $101 per barrel on Wednesday morning following intensified attacks on tankers in the Strait of Hormuz in recent days.

The UK Maritime Trade Operations has recorded nine incidents so far this month. Meanwhile, a Saudi-led coalition said it had intercepted and destroyed a ballistic missile launched by the Houthis toward Khamis Mushait in Saudi Arabia.

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