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Brent crude up 1.5% to $73
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Oil prices rose significantly following increased military tensions in the Strait of Hormuz, with Brent crude climbing 1.5% to reach $73 per barrel, and West Texas Intermediate reaching around $70.5. These fluctuations were driven by U.S. strikes against Iranian targets and retaliation from the Iranian Revolutionary Guard. These developments come amid reports of attacks on American and Iranian military installations, after attacks on oil tankers and the closure of the Strait of Hormuz, leading to higher oil prices and inflation levels.
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