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ExxonMobil XOM and the energy cluster CVX Energy sector strengthened despite the trend reversal.
Week-on-week gains for targets such as Chevron CVX exceeded 6%, and Brent crude jumped 4.6%, approaching $87 per barrel.
Tensions in the Middle East and escalating geopolitical developments have sparked worries in the market about potential disruptions to crude oil supply, driving crude oil futures higher; energy leaders then became the core stronghold for absorbing risk-hedging capital during the broader market pullback.
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