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U.S. oil prices rise 9% after Trump announces naval blockade on Iran
U.S. oil prices rose by more than 5% in the spot trading on Monday, marking an increase of nearly 9% since the beginning of the week. This came after U.S. President Donald Trump announced the re-imposition of a naval blockade on Iran and the implementation of a 20% tariff on all goods transported through the Strait of Hormuz, in response to an escalation of military targeting Iranian objectives following drone attacks on ships in the vital waterway.
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