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Oil hikes following Trump warning over soldier deaths
American statements that Iran will pay the price for killing three of its soldiers, along with the Houthis' threats to impose a naval blockade on Saudi Arabia, have escalated the conflict in the Middle East, leading to a significant rise in oil prices. Brent crude futures increased by 1.3%, surpassing $89 per barrel, while West Texas Intermediate rose to over $83 after record highs. Reports indicate efforts to de-escalate tensions between Iran and the United States through mediators, but rising Houthi threats threaten the stability of global oil supplies, especially with around 2.5 million barrels per day at risk and a potential closure of the Strait of Hormuz. Continued tensions threaten the stability of the oil market and global shipping movement.
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