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Oil edges higher on renewed Middle East tensions, Saudi price hikes (NYSEARCA:USO)

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Slavko Sereda/iStock via Getty Images

Crude oil recovered part of the heavy losses incurred last week, with the Middle East risk premium returning to the market as Israel prepares to launch a military attack on the city of Rafah, located in the far south of the Gaza Strip, where hundreds of thousands of civilians have taken refuge.

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