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Oil hits 7-year peak on political risks, supply crunch
Major producers in the Organization of the Petroleum Exporting Countries and allies led by Russia, collectively known as OPEC+, have struggled to raise their production levels. The market also reacted to attacks on United Arab Emirates by Yemen's Houthi group.
Prices also drew support from concerns over a possible military conflict in Ukraine that could disrupt energy markets, especially natural gas supply to Europe.
