(Bloomberg) — Oil extended gains as another attack in the Red Sea added to heightened geopolitical tensions in the Middle East ahead of an OPEC+ meeting on the weekend.
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West Texas Intermediate climbed above $80 a barrel, while Brent futures closed 1.4% higher near $84 on Tuesday. A bulk carrier has taken on water after being attacked while sailing through the key waterway, while Israel continues its military operations in the southern Gazan city of Rafah.
Oil is higher this year due to tensions across the Middle East and OPEC+ supply cuts, although prices have softened since early April. The alliance is scheduled to meet online Sunday to discuss its production policy, and most market watchers expect a rollover of curbs.
In the US, Federal Reserve Bank of Minneapolis President Neel Kashkari said the central bank’s policy stance is restrictive but policymakers haven’t entirely ruled out additional interest-rate hikes.
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