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Oil reaches six-week peak amid Middle East tensions
Oil prices rise by more than 1.5%, reaching their highest levels in over six weeks, due to escalating conflicts in the Middle East, where the Houthis targeted oil tankers in the Red Sea, and the United States increased its strikes against Iran. Iran announced its full control over the Strait of Hormuz and its closure, which led to a fire on a oil tanker and the withdrawal of two ships. Meanwhile, American forces carried out military strikes against Iran, urging it to de-escalate. Additionally, the Houthis launched a naval blockade in the Red Sea, targeting a Saudi oil tanker, threatening supplies of up to 5 million barrels per day.
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