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Oil climbs on Hormuz risks and rising Chinese buying

“In an upside price scenario, where shipping attacks broaden and intensify, we see Brent potentially reaching $120,” Daan Struyven, co-head of global commodities research at Goldman Sachs Group Inc., said in a Bloomberg TV interview. “The events of the last few days do suggest that the risk of shipping disruptions broadening and intensifying is an important one.”

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