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Oil prices climb amid Hormuz concerns
Global oil prices rose today due to escalating concerns about the future of navigation in the Strait of Hormuz, following reports of Iran's intention to impose restrictions on ships passing through the area linked to the United States and Israel, threatening global oil supplies. Brent October futures increased by 1.4% to $83.65 per barrel, while West Texas Intermediate futures rose by 1.3% to $78.26. Prices had previously surged by approximately 4% and 3% respectively in the previous session, despite ongoing trends indicating weekly losses exceeding 7%. These developments come amid preparations for expected U.S. jobs data and its potential impact on monetary policy, along with geopolitical tensions related to the Strait of Hormuz, which handles about 20% of global oil trade, further boosting energy price volatility.
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