Oil rebounds around 7% in Asia

WTI Crude Oil futures edged up amid sustained supply worries. Prices had eased after the Group of Seven nations agreed to release a combined 400 million barrels from the strategic petroleum reserve (SPR) ? the bloc's largest release on record ? as violence continues to escalate around the Strait of Hormuz. Iran continues to escalate the attacks and market is uncertain about near term oil supply dynamics. WTI Crude oil is currently trading at $93.24 per barrel, up around 7% on the day.

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