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Oil Prices Continue to Rise as Middle East Tensions Escalate
Oil prices rose significantly amid escalating tensions in the Middle East between the United States and Iran. The reimposition of the Iranian naval blockade, along with responses from American forces and Iranian drone attacks, raised fears of disruptions to oil supplies through the Strait of Hormuz. Consequently, Brent crude reached $86.19, and West Texas Intermediate climbed to $80.40 per barrel.
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