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Anas Alhajji, managing partner, energy economist, market analyst at Energy Outlook Advisors LLC, reports that U.S. oil prices have jumped back above $70.
The latest increase comes as new clashes between the U.S. and Iran have reignited concerns over Middle East oil supply disruptions.
Alhajji recently highlighted a sharp U.S. crude inventory draw that lifted prices, while noting that surprise gasoline and distillate builds sparked demand concerns in a previous report. He separately pointed to increasing Cushing crude inventories with WTI prices remaining low, raising questions for market pessimists in another update. The latest price jump follows these earlier developments in U.S. stockpiles and benchmarks.