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Oil rises as US-Iran tensions grow
Oil prices rose today due to escalating tensions between the United States and Iran. The futures contracts for Brent crude increased by 0.8%, reaching $72.57 per barrel, while West Texas Intermediate rose by 1.3% to $70.11. Shipping activity through the Strait of Hormuz has declined as a result of the military events between the two sides and their impact on the security of global oil supplies.
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