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Trump risks Iran blocking Bab el-Mandeb Strait
A report warned that Iran might close the Bab el-Mandeb Strait if tensions in the Middle East escalate, which could cut off oil shipments heading to Asia and significantly impact the global oil market. In April, oil exports through the strait increased to around 7.2 million barrels per day, up from 3.9 million barrels since the outbreak of hostilities in February. The Iranian Revolutionary Guard forces threaten to shut the strait if Israel does not stop its strikes in Gaza and Lebanon, leading to approximately an 8% rise in US oil prices before they declined after the announcement of a ceasefire between Israel and Lebanon.
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