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Gulf Tanker War and Global Oil
The article revolves around the escalating tensions between the United States and Iran in the Gulf, particularly through the intensification of direct confrontations in vital oil passages, especially the Strait of Hormuz. The U.S. Central Command (Centcom) announced that it has destroyed five Iranian oil tankers within a week in response to missile attacks targeting American ships. Meanwhile, Iran claimed to have targeted American warships and commercial vessels, as well as a military base in Jordan, indicating that both sides have entered a state of open attrition war. The escalation has led to a significant rise in oil prices, with Brent surpassing the $100 per barrel mark. There is also a potential for prices to reach $120 if the confrontations continue to escalate, which could trigger a widespread global inflation shock due to disruptions in navigation through the Strait of Hormuz and impacts on global oil supplies.
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