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Oil prices rise as U.S. and Iran escalate strikes and threaten to close Bab el-Mandeb Strait
Oil prices rose after the United States and Iran escalated attacks in the Gulf region, disrupting oil flows through the Strait of Hormuz and threatening to close the Bab el-Mandeb Strait in the Red Sea. Brent crude jumped by 1.82% to approximately $85.76 per barrel, while West Texas Intermediate increased by 2.14% to $80.64. Over the week, both benchmarks gained about 13%, with expectations of continued gains due to escalating tensions and intensifying conflicts among the involved parties.
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