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Crude Oil Prices Climb Following Gunfire Attacks on Ships in Strait of Hormuz

-- Crude oil prices rose on Wednesday after container ships were reportedly hit by gunfire in the Strait of Hormuz, exacerbating concerns about the conflict's impact on global supply.

Brent crude at last look gained 0.7% to US$99.17/barrel and West Texas Intermediate crude climbed 0.7% to $90.25/barrel. This comes after gunfire attacks on at least three container ships in the Strait of Hormuz, Reuters reported Wednesday, citing maritime security sources and the United Kingdom Maritime Trade Operations.

The ceasefire between the U.S. and Iran was indefinitely extended hours before its expiry to allow talks to end the war to proceed, the report said.

Meanwhile, in Europe, Ukrainian President Volodymyr Zelenskyy said the Druzhba oil pipeline, which carries supplies from Russia, is ready to resume operation, according to the report. However, industry sources said in the report that Russia is set to halt exports from Kazakhstan to Germany via the pipeline starting May 1.

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