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Analysts at the investment bank, led by Daan Struyven, see oil prices averaging $100 a barrel next year if traffic continues to be affected through the waterway.
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Oil prices settled at one-month highs in volatile trading on Monday as traders weighed escalating geopolitical tensions following a fresh barrage of strikes across the Middle East over the weekend against reports of a new ceasefire proposal between the U.S. and Iran.
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Crude later falls back after Tehran says it has received proposals from mediators about the war
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