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Crude Oil Prices Rise Over 3 Percent

Oil prices have risen over 3% this morning following the conflicts in Israel Brent. Crude is currently trading 3.17% higher. It sits around $87.26. Analysts believe the spike in prices will be temporary while Israel houses two oil refineries with a daily output of around 300,000 barrels. The US Energy Information Administration says the country has virtually no crude oil and condensate production. There is concern, the conflict could also impact larger oil producing nations.