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Oil rises 4% on US and China moves
Oil prices continue to rise amid escalating tensions between Washington and Tehran, with Brent crude reaching $103, and shipments through the Strait of Hormuz dropping to their lowest level in four days. Additionally, oil prices increased by over 1% after U.S. President Trump rejected an Iranian peace proposal, amidst an American escalation targeting three Iranian oil tankers following a missile attack on their ships. Experts expect oil prices to keep climbing due to the intensification of tensions and declining supplies.
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