Oil prices increase over 1 percent amid rising tensions
The price of oil rose by more than 4% amid escalating tensions between Washington and Tehran. The threat of the conflict spreading has jeopardized oil transit routes. Despite this, European stocks saw a slight increase, even as geopolitical tensions continued. This surge in prices followed renewed hopes for reaching a deal between the United States and Iran, as Iran employs new arrangements through the Strait of Hormuz to pressure the U.S. government.
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