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Oil was slightly lower early Friday as prices held around three-month averages.
Brent crude was down 0.4% at $60.60 a barrel, while WTI was down 054% at $57.16 a barrel. Escalating tensions between Saudi Arabia and the United Arab Emirates add to geopolitical risk premium, as the states’ respective proxies clash in Yemen.
The recent dispute centered around a strike on a Yemeni port that serves as the gateway to the country’s oil region. Supply gluts pushed oil to its sharpest annual loss since 2020, with Brent falling 18%