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In the Hague, the court will also hear from a range of countries including the US and China, as well as representatives of the oil producing group OPEC.

“The tense geopolitical setup is supportive of further gains along with the rising U.S. demand into summer and OPEC’s restrictive tone regarding its outlook,” Ipek Ozkardeskaya of Swissquote said in a commentary.

“OPEC’s production cuts continue to cause declining global oil inventories, with escalations between Iran and Israel adding to concerns of further destabilization,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

The results still marked the company’s second highest ever result, Aramco said, as members of the OPEC+ alliance continue to cut their production to try to boost global energy prices.

And oil prices have been flat as Saudi Arabia and other members of the OPEC+ coalition of oil producers maintain cuts to output that have only put a floor under prices.