Oil jumps over $3 after Hormuz attacks
Oil prices rose sharply following new attacks in the Strait of Hormuz, leading to the closure of a vital oil pipeline. Prices of Brent and American crude increased by over 2%. The attacks were carried out by drones from Iraq and caused damage that halted oil flow through the pipeline amid expectations of security and economic repercussions in the region. The situation comes as a diplomatic meeting between Iran and Gulf countries was postponed to discuss the situation in the Strait of Hormuz, further fueling tensions in the oil markets.
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