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Oil Prices Rise Amid Escalating Middle East Tensions
Oil prices have risen significantly amid escalating tensions between the United States and Iran, fueling concerns about the security of energy supplies through the Strait of Hormuz. Brent crude reached $85.72 per barrel, a 1.2% increase, while West Texas Intermediate hit $79.98, up by 0.8%. This increase comes after mutual attacks and Washington's resumption of the naval blockade of Iranian ports, with Iran responding with attacks on American targets and closing the strait.
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