Iran reaffirms Strait of Hormuz restrictions amid rising oil prices
Oil prices have risen to $90 amid escalating tensions in the Strait of Hormuz and statements from OPEC+ about increasing oil production by 188,000 barrels per day in September. Sources warn of a deficit of 1.8 million barrels in global inventories, coinciding with Iran's announcement of new conditions for reopening the Strait of Hormuz and heightening tensions between Iran and the United States.
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