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The closure of the Strait of Hormuz by Iran to oil and commercial ships following American airstrikes on sites inside Iran led to a rise in global oil prices. Brent crude increased by 2.47% to approximately $95.40 per barrel before retreating to $93.3, while West Texas Intermediate surpassed $92. Additionally, American data showed a drop of 7.2 million barrels in weekly oil inventories, which contributed to pushing prices higher amidst escalating military tensions between the United States and Iran.
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