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US-Iran Tensions Disrupt Hormuz Traffic
Tensions have escalated in the Strait of Hormuz, one of the most strategic corridors for global oil trade, amid increasing military escalation between the United States and Iran. Reports indicate a decline in maritime traffic and ships avoiding passage through the strait, amid concerns over disruptions to global energy supplies. Iranian forces have taken full control of the strait and continued restrictions on vessel movement, while ships have been targeted in attacks, with one sustaining damage from an unknown projectile. As a result of these developments, oil prices have risen by 20% over the course of a week, accompanied by warnings that any closure of the strait could cause significant disruptions in global markets.
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