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Anas Alhajji, managing partner, energy economist, market analyst at Energy Outlook Advisors LLC, reports that oil prices rose approximately 4 percent, with Brent trading near $98 following drone attacks on Kuwait.
The surge highlights market concerns over disruptions to oil supply in the region.
Alhajji has recently highlighted shifting oil market fundamentals. He noted a record surge in U.S. jet fuel exports and a sharp drop in Brazil crude oil exports. In another update, Alhajji reported that U.S. crude oil inventories fell by 7.9 million barrels alongside significant government reserve releases. These developments provide important context for the latest move in oil prices.