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Oil Prices Rise Amid Escalating Tensions Between Washington and Tehran
Oil prices rose by more than 2% due to escalating tensions between Washington and Tehran, after the latter carried out attacks on three commercial ships in the Strait of Hormuz. The United States responded with airstrikes against Iranian targets and reimposed sanctions on Iranian oil exports, raising concerns about a potential escalation that could impact global energy supplies. The price of Brent crude reached $76.08 per barrel, while West Texas Intermediate traded at $72.26, as markets remain vigilant about the increasing tensions and their effect on the oil market.
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